(Bloomberg) -- The selling pace of Angolan oil for December-loading is slower than usual, with about a third of the shipments still seeking buyers.
Eleven-to-twelve cargoes of Angolan crude for December are still for sale out of 35 scheduled lots, according to traders specializing in West African oil. That’s a slow selling pace because the next monthly cycle for January-loading shipments is due to start early next week, and typically only a handful of cargoes from the prior cycle would be left over.
The main reason for the backlog is weaker demand from China, according to one of the people. Europe hasn’t been drawing much Angolan supply either, the person said.
Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said in a monthly report earlier this week.
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