Wednesday, June 16, 2010

Angola set to export more crude oil in August

LONDON (Reuters) - Angola is scheduled to export more crude oil in August than in July with 1.80 million barrels per day (bpd) set to load in 58 cargoes, provisional loading programmes showed on Wednesday.

A copy of the provisional programme seen by Reuters lists as many as 10 Nemba cargoes, eight Dalia cargoes, seven cargoes each of Cabinda and Plutonio and six cargoes of Girassol, Hungo and Kissanje crude oil grades due to be lifted in August.

In July, Angola is due to load an average of 1.70 million bpd in 55 cargoes, down from 1.79 million bpd in 56 cargoes in June.

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, Reuters data show.

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