Nigerian crude oil has been offered at its highest levels in almost a year this week, traders said, citing cheaper freight rates and shorter supply of competing grades such as Libyan crude.
* Major grades such as Bonny Light and Qua Iboe have been offered as high as $2 a barrel above dated Brent, their strongest since March last year, traders said.
* Lower supply of light, sweet Libyan crude from the force majeure that closed the Sharara oilfield briefly in December, as well as cuts to Algerian production as part of the new deal between OPEC and other producers to reduce output has given similar grades in West Africa a boost.
* Adding to the bullish tone of the market, exports of Qua Iboe will drop to 215,000 bpd in March, from 238,000 bpd in February, traders said.
* There are still about 15 left for sale from the February Nigerian programmes, but most major grades were said to have sold out already, traders said earlier this month.
* Angola’s state oil company Sonangol issued its preliminary March loading programme with 46 cargoes, up from February’s 42.
* With traders are still awaiting their term allocations of Angolan crude, spot trade evaporated.
TENDERS
* India’s IOC has allocated a tender for 4 million barrels of crude to Vitol and Chevron for loading March 22-31, traders said.
* Thailand’s PTT is seeking sour crude for loading between March 20 and April 10.
* Total was said to have won a tender by Uruguay’s ANCAP with Nemba crude.
RELATED NEWS
* Indonesian refiner Pertamina is aiming to import 8 million barrels of oil from overseas in 2019, compared with 6.5 million barrels in 2018, according to Denie S. Tampubolon, president director of Pertamina Internasional.
SOURCE: naija247.com