Angola July export plan points to Opec+ compliance

Angolan crude exports are scheduled to fall to 1.18mn b/d in July, nearly 70,000 b/d below the country's 1.25mn b/d Opec+ production quota for the July-December period, according to the provisional loading programme.

July's volume will load across 38 cargoes, down one from the 39 planned in June. A cargo less of Hungo, Pazflor and Saxi are expected in the month. Exports of Hungo and Saxi will decrease to 31,000 b/d, while Pazflor will drop to 61,000 b/d. No exports of Palanca are planned, while a cargo of the grade is scheduled in June.

Extra volumes of Saturno, Girassol and Nemba will partially offset the volume reduction. These grades will load 92,000 b/d, 97,000 b/d and 123,000 b/d in July, respectively. Loadings for the remaining 10 grades will be unchanged from June.

Angola had previously revised May and June loading volumes down to 1.27mn b/d and 1.25mn b/d, respectively. The tallies still appear substantially above the 1.18mn b/d production cap the country has to comply with over the May-June period. But it remains unclear whether actual production over the two months will correspond to the planned loading schedules.

Angola's state-owned Sonangol is listed as marketing eight cargoes in July, down from 12 in June. The July tally might still change as the final version has yet to be released.

By Andy Devine