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West Africa Crude-Firm offer levels, cargoes sold east

 

 




By Reuters Staff

LONDON
Petroleumworld 08 28 2017

Crude oil differentials remained supported, with eastern buyers still taking Angolan oil despite the wide spread between Brent crude and Dubai.

ANGOLA

* Traders said there was firm demand from Asia for Angolan grades, while there was also buying interest in the west.

* ExxonMobil was offering Hungo at dated Brent plus 40 cents, and it and Total were offering Dalia at dated plus 25 cents.

* Taiwan's CPC had purchased 2 million barrels of Cabinda, and 1 million barrels each of Saxi and Palanca in a recent tender.

* State oil company Sonangol had sold an October-loading Saturno cargo to an eastern buyer at a differential just under its offer at dated Brent plus 15 cents, a trader said.

* Sonangol was also offering Gimboa at dated Brent plus 30 cents.

NIGERIA

* There were just over 50 cargoes in total available from the September and October programmes, traders said.

* Offers for Qua Iboe and Forcados were notably firm, near $1.70-$1.80 per barrel above dated Brent.

* Traders said levels for deals were likely to be closer to $1.20-$1.40 per barrel.

* Nigeria's October loading plan was set at a five-month low of around 1.72 million barrels per day (bpd), as oil minister Emmanuel Ibe Kachikwu said production was slightly below 1.8 bpd due to issues with ageing pipelines.

TENDERS

* Glencore won the right to supply India's IOC with one cargo of Kole crude oil, loading in October. The company may have taken more oil from another region, but details were not immediately available.

* A tender from India's BPCL for October-loading crude is expected to be awarded next week.



Reporting By Libby George; editing by Susan Thomas from Reuters.

reuters
.com
08 25 2017

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