Angola is set to load 1.04mln BPD of crude in May
Newsquawk Staff ·
Angola is set to load 1.04mln BPD of crude in May.
What it means
Angola's announcement to load 1.04 million barrels per day (BPD) of crude in May signals robust supply levels that could influence global oil prices. This development may put downward pressure on WTI and Brent crude benchmarks, especially if combined with other supply factors. Traders should keep an eye on how this fits into broader OPEC+ dynamics and any potential shifts in demand forecasts that could arise from this increased supply.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
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