W. Africa Crude-Nigerian exports to rise in Dec, trading slow
October 20, 2017 | 8:40 pm| | | Start Conversation
Nigeria’s December exports were on track for a healthy increase as more loading programmes emerge. Pending tenders from India and Taiwan kept spot demand.
* Export plans for Forcados, Bonga, Agbami and other grades were issued on Friday and the current programme of 48 cargoes, with 1.38 million barrels per day (bpd), is already above the November plan.
* While Shell lifted force majeure on Bonny Light crude oil exports on Thursday, it had not yet issued loading plans for the light sweet grade.
* Loading plans were also pending for Brass River, Ebok, Escravos, Antan and some other small programmes.
* Just under 20 million barrels from the November programmes were still pending, including several Angolan cargoes.
* Traders said rising exports from the United States were edging out Nigerian oil, particularly as grades including Forcados experienced loading delays.
* Nigerian Qua Iboe and Forcados were offered at around dated Brent plus $1.70-$1.80 a barrel. Bonny Light was offered at premiums of $1.95 earlier in the week.
* Angola’s state firm Sonangol issued a final December loading plan with 51 cargoes.
* India’s IOC issued a tender to buy West African crude, which will close next week.
* Taiwan’s CPC is looking for December-loading West African crude in a tender that will also close next week.
* BPCL was also running a tender to buy Dec. 1-10 loading cargoes.
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