31JUL2019 - NEWS - Chinese demand for Angolan oil rebounds ahead of IMO 2020

Angolan oil sales are bouncing back from a dismal summer as Asian refining margins have recovered and demand is rising ahead of a major change in marine fuel standards in 2020, traders say. Crude from Africa’s second-largest exporter after Nigeria flowed to its top customer China in the lowest volumes in nearly five years in July, Refinitiv Eikon data shows."We believe the levels in demand we are seeing for September are related in part to the interest in specific grades suitable for refining into IMO-compliant bunker fuels,” the seller said, adding that the Cabinda, Kissanje and Hungo grades especially suited to the new fuels were selling fast. From Jan. 1, International Maritime Organization (IMO) rules for marine fuel, also called bunker fuel, will bar ships from using fuels containing more than 0.5% sulphur - compared with 3.5% currently - to reduce air pollution.