Middle East Crude

In the trade of Abu Dhabi grades, ADNOC on Aug 29 informed its term buyers in Asia that it reduced November loading term supplies. Several market sources said that ADNOC slashed tern supplies by 5% for all grades, the same level as October-loading. In the spot trade for October-loading, demand for Middle Eastern grades weakened, hit by attractively-priced arbitrage cargoes. "ADNOC's production policy to reduce supplies remains intact," said an end-user in Northeast Asia.

African/European/Russian/American Crude

In the trade of October-loading Angolan grades, French oil exploration company Maurel&Prom with a stake in Palanca sold one cargo for Palanca for October 18-19 loading in its sell tender. The price details were unknown but the buyer was said to be China International United Petroleum & Chemicals Co or UNIPEC. In other trade of October-loading African grades, UNIPEC secured Ghana's Jubilee and Cameroon's Kole in addition to the Palanca as noted above. The details of the prices and the sellers were unknown at this stage.　

Asia Pacific Crude

Spot differentials for October-loading Vietnamese Bach Ho Light were assessed at premiums of $1.45-1.55 to DTD Brent. State-run PV Oil sold 300,000bbl of Bach Ho Light for Oct 10-16 loading in its sell tender closed on Aug 26 as reported. The buyer was PTT Public Co. in Thailand and the price was at a premium of mid-$1s to DTD Brent as expected. The tender was believed to be the final sell tender for Vietnamese grades as October-loading.