W. Africa Crude-Slow sales, but tenders to absorb some oil

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LONDON, Oct 10 – Trading was limited on Tuesday, but newly issued tenders could help absorb November-loading crude oil.

ANGOLA

* Angolan differentials were under downward pressure due to slow buying interest. Some 15 cargoes were still available from the November export plan, with the December

* China’s Unipec stopped offering cargoes after reducing several and not seeing buying interest. It last offered Saturno at dated Brent minus 50 cents and Congolese Djeno at a 55 cent discount.

NIGERIA

* Loading delays pushed several November cargoes into the following month, traders said. There were delays of roughly three days on Agbami and Forcados, while Qua Iboe exports were also delayed.

* Aiteo said repair works and security upgrades on its Trans Niger Pipeline were still underway. The November Bonny Light export plan had not been issued, and the grade remained under force majeure.

* The dearth of cargoes underpinned differentials to a point, but traders said some buyers were avoiding grades with unpredictable loading plans.

TENDERS

* India’s IOC issued two tenders to buy oil, one of them for U.S. grades and the other for December-loading West African oil.

* Fellow Indian refiner MRPL was also seeking crude loaded in the second half of November.

* Indonesia’s Pertamina issued a tender to buy oil delivered in December.

RELATED NEWS

* Vitol chief Ian Taylor said U.S. crude oil output could rise by 500,000-600,000 bpd next year, pressuring light grades such as those produced by Nigeria.

* OPEC’s Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term. (Reporting by Libby George; Editing by Susan Fenton)

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