Angola’s October-loading crude oil cargoes are taking longer than usual to find buyers, highlighting the pressure that soaring shipping costs are putting on West African oil markets.
According to Reuters, an estimated three to four Angolan cargoes for October loading were still unsold on Thursday—more than would typically be expected at this point in the trading cycle.
The situation is being driven in part by record-high tanker freight rates. Rising attacks on shipping in the Middle East have pushed up the cost of transporting crude, creating additional expenses for buyers importing oil from West Africa.
A trader described freight costs as “really crazy,” particularly for long-haul West African cargoes. Angola’s November cargoes are also reportedly seeing limited sales so far.
Source: Reuters
Reporting:Alex Lawler
Editing:Shreya Biswas
