Sunday, May 16, 2021

W. Africa Crude-Indian tender awarded, more Nigerian offers emerge

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

LONDON, April 4 – More offers for Nigerian crude surfaced but trade remained slow, including for Angolan crude, owing to refinery maintenance and a temporary glut of crude off China.

* A handful of April loading Nigerian cargoes remained.

* Shell was offering May loading cargoes including Nigerian Amenam at dated Brent plus 90 cents a barrel, Agbami at dated Brent plus 60 cents a barrel and Erha at dated Brent plus $1.90.

* May loading cargoes of Nigerian Qua Iboe were being offered at dated Brent plus $1.70-1.80 a barrel, higher than April cargoes, while Nigerian Forcados was being shown at dated Brent plus $1.80-1.90 a barrel.

* Angola’s state oil firm Sonangol continued to offer three Dalia cargoes at dated Brent minus 90 cent a barrel, Sangos at dated Brent minus 40 cents and Saturno at dated Brent minus 75 cents.

* Indian state oil refinery IOC awarded its tender to Shell to take 2 million barrels, several traders said, but the grade details did not immediately emerge.

* Indonesia’s Pertamina was also running a tender to buy oil that closes this week.

* OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found, sending compliance with a supply-cutting deal to another record. (Reporting by Julia Payne. Editing by Jane Merriman and Alexander Smith) ))

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