W. Africa Crude-Angolan crude exports to hit 2006 low in August


LONDON, June 19 – Trade in Nigerian crude was subdued ahead of the release of August export plans, while a preliminary export plan for Angolan oil showed loadings will likely fall to their lowest since late 2006 next month.

* The export plans for the major Nigerian crude oil streams were likely to be released on Wednesday, traders said.

* Offers for existing cargoes were still considered by most buyers to be far too high given the extent of the overhang of unsold July-loading barrels, traders said.

* Disruption to Bonny Light, Forcados and Qua Iboe will almost certainly mean the August loading schedule is smaller than usual, one said.

* A power outage last week has forced delays in loadings of Qua Iboe. All nine cargoes in the July programme have been pushed back by about a week, with two cargoes being delayed into August, two trading sources said on Monday.

* Qua Iboe equity holder Exxon was said to have withdrawn offers for late-July loading cargoes, possibly because of the uncertainty over supply. * Spokesmen for Royal Dutch Shell and for Nigerian pipeline operator Aiteo on Tuesday said shipments of Bonny Light remained subject to force majeure, while repairs to a key pipeline were ongoing.

* Angola’s preliminary crude oil export plan for August includes 43 cargoes, down from July’s 48 cargoes, according to a loading programme on Tuesday.

The schedule, which equates to a daily rate of around 133,000 barrels per day, will be the smallest since the 132,000 bpd registered in December 2006, based on Reuters data.

* Fewer than five July-loading cargoes were still thought to be available for sale, traders said.

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