LONDON (Reuters) – Angola’s preliminary export plan for July includes at least 48 cargoes, compared with June’s final 43 cargoes, according to a loading programme on Wednesday.
Cars are seen infront of the head office of Angola’s state oil company Sonangol in the capital Luanda, Angola. June 7,2016. REUTERS/Ed Cropley
The preliminary schedule is issued to buyers to give them an indication of what will be available, but often excludes one or two small grades, meaning the final plan is subject to change.
Angola’s exports slid to their lowest in nearly 12 years in June after state oil company Sonangol dropped two cargoes from the final loading schedule.
Output in Africa’s second-largest exporter has been steadily falling because of a lack of investment in its ageing offshore oilfields due to a two-year oil price crash that began in 2014.
Reporting by Amanda Cooper; Editing by Louise Heavens