Nigerian crude tenders hold up as Angolan cargoes move

Date:

Lagos Nigeria, April 12 – (Naija247news) Nigerian trade was limited by pending tenders as More Angolan cargoes traded after sellers lowered their offer levels. China’s Unipec also purchased a cargo of Ghana’s Jubilee crude from Tullow,

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NIGERIA

* Vitol was offering an April-loading cargo of Escravos delivered to Europe, as well as a May-loading Okono.

* Trading was limited by the pending tenders from Indian refineries, leaving more than two dozen cargoes still available.

TENDERS

* India’s BPCL issued a tender to buy May-loading crude oil, which closes on April 19.

* Indian Oil Corp. was also running tender to buy crude, seeking cargoes loading on June 5-15. Results were expected on Thursday.

ANGOLA

* Sonangol had sold its last remaining cargo for May loading, a trader said, after lowering the offer level to dated Brent minus 70 cents a barrel. It was not immediately clear who the buyer was.

* BP also sold its late-May cargo of Kissanje to a Chinese buyer, but the price was not clear.

* The sale left just under 10 Angolan cargoes left from the May programme though sellers had to lower the differentials in order to get cargoes moving.

RELATED NEWS

* OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a supply glut that has weighed on world oil prices is succeeding.

* The world’s top oil exporter Saudi Arabia has stepped up sales of light oil to Asia by offering buyers more cargoes on top of the full contract volumes it will provide for May, industry sources with knowledge of the matter said on Wednesday.

* Nigeria’s lower house of parliament has set up a committee to investigate the circumstances surrounding the award of oil prospecting licence (OPL) 245, the committee chairman said on Wednesday.

 

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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