Diffs under pressure as overhangs persist
Slow Chinese and European buying along with hefty volumes of unsold crude and high freight rates continue to
* A large volume of Nigerian oil volumes amounting to up to 35 cargoes remained unsold for December and January, traders said.
* Angola's December export programme had yet to completely sell out as sales for January stayed slow amid high COVID cases and continued restrictions in main customer China.
* Public offers for West African crude were becoming more consistent on the Platts window as demand stayed weak.
* China's Unipec last offered a cargo of Angolan Olombendo for dated Brent minus $2.45 and Chevron offered Nigerian Usan for around the same level.
* A lack of new tenders this week from South Asia refiners underscored the muted activity of the market as holiday lulls loom later in the trading cycle.
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* Russian oil output could fall by 500,000 to 1 million barrels per day (bpd) early in 2023 after the European Union imposes a ban on seaborne imports from Monday, two sources at major Russian producers said.
* Poland has agreed to the European Union's deal for a $60 per barrel price cap on Russian seaborne oil, allowing the EU to move forward with formally approving the deal over the weekend, Poland's Ambassador to the EU Andrzej Sados said on Friday.