Wednesday, May 19, 2010

Angola oil exports scheduled lower in July: sources

LONDON (Reuters) - Angola's crude oil exports are scheduled to fall to an average of 1.70 million barrels per day (bpd) in July from a revised 1.79 million bpd for June, trade sources said on Tuesday.
The programme of loadings, a copy of which was received by Reuters, shows 55 cargoes of crude oil due to load in July, down from 56 cargoes in June and 59 liftings scheduled for May.

The tally of 55 cargoes includes one Gimboa. A source earlier on Tuesday reported two Gimboa cargoes, however loading schedules show only one.

The loading schedules give planned Angolan exports for the month but are released well ahead of the dates cargoes are due to be shipped and are therefore subject to change.

Angola's oil output will again be well ahead of its target set by the Organization of the Petroleum Exporting Countries.

Angola says its OPEC output target is 1.656 million bpd but an OPEC internal document widely quoted by industry sources suggests Angola's limit is in fact 1.52 million bpd.

OPEC kept its official output limits unchanged at a meeting on March 17 in Vienna. In late 2008, it agreed to cut supply by 4.2 million bpd in response to lower demand and prices.

Angola has not managed to stay within its output target since limits were imposed, according to Reuters data, as a recovery in oil prices has encouraged producers to raise output.

Angolan oil output peaked in October of last year at around 1.93 million bpd and so far this year actual and scheduled loadings have averaged close to 1.82 million bpd.

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