Nigeria’s NNPC to adjust oil exports to comply with OPEC deal next month
Meanwhile Depressed demand and record low prices continued to spook sellers of West African crude oil, as traders awaited details on Nigerian exports and prices were elusive on Angolan crude.
* Nigeria's NNPC was adjusting oil exports to comply with a global deal by producers to rein in output to balance the market, with traders expecting June export programmes due imminently to be pared back. * Even cargoes due to be exported for May would face some delays as the schedule for the month was being revised to comply with the pact. * Angola's export programme for June was due to be finalised on Monday, with state oil company Sonangol yet to express any price offers for its cargoes that month. * Angola's petroleum minister said on Friday it sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, adding that more drastic measures may be needed. * Angola is due to cut 23% of its output from an October 2018 baseline to 1.18 million barrels per day (bpd) from May, down from 1.39 million bpd in March. * Because the earlier baseline is so far above Angola's recent production, traders expect the cut deal will have little impact on the June export volumes, much less on May deliveries. RELATED NEWS * Global oil supplies may be 6% less than expected by 2030 because of delays to investments by energy companies in response to falling crude prices due to the coronavirus crisis, data from energy analysts at Rystad showed. * Supertanker freight rates eased this week as surging demand for floating storage cooled and crude oil output is set to fall, but rates could jump again as fewer tankers become available and as traders take advantage of weak oil prices, sources said.