Nigeria’s NNPC hikes official selling prices as W. Africa Crude-Angolan exports rise

A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. REUTERS/Stringer/File Photo

LONDON Feb 16  –  Nigeria increased its official selling prices. Traders said eastern demand was supporting differentials for all West African oil grades as Angola issued its largest export plan in five months.


* Nigeria’s state oil firm NNPC raised its March official selling prices for Bonny Light and Qua Iboe crude oil to 31 cents and 36 cents above dated Brent, respectively.

* The February differential for Bonny Light was 18 cents, while for Qua Iboe it was 30 cents per barrel.

* Loading plans had emerged for April exports of several grades, including four cargoes of Bonga, compared with a revised March plan of only one cargo, and four cargoes of each Erha and Usan.

* Some Bonga loadings were delayed by as much as 20 days as some sources said field operator Shell had shifted planned maintenance on the field. Shell has declined to comment on maintenance plans.

* Spot differentials versus dated Brent had firmed in recent days, with Agbami offered at a 20 cent premium to dated Brent, Qua Iboe as high as $1.50 above dated Brent and Bonny light also above a dollar above dated Brent.


* Angola’s April export plan of 1.69 million bpd marked the highest scheduled exports since November last year.

* The plan included two April-loading cargoes of Olombendo crude from the East Pole field that oil major Eni started this year. It also added one 950,000 barrel cargo of Olombendo to the March export plan.

* The exports also included just two cargoes of Pazflor, prompting discussion of maintenance on the field, but no plans were confirmed.

* Traders were awaiting allocations to term buyers, and price indications had not yet surfaced.


* Total and Vitol each won the right to supply a VLCC to India’s IOC, which had asked for West African crude for loading between April 20-30. The grades were not immediately clear.

* In its last tender, IOC bought 3 million barrels of Nigerian oil and one million of Angolan.

* India’s MRPL was also running a tender to buy 1 million barrels of April-loading crude oil, traders said, which closes next week.

* Thailand’s IRPC was tendering to buy oil, a trader said.

* OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said.

* Oil exports from Iraq’s southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC’s second-largest producer is keeping a lid on shipments following a commitment to cut output.



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