W. Africa Crude-Spot activity muted as traders weigh up programmes

A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo

LONDON, Oct 23 (Reuters) – Spot activity was muted on
Wednesday as traders weighed up Nigeria’s December loading
programmes, which have just emerged.

* Angola’s state firm Sonangol was offering cargoes of
Pazflor, Mondo and Gimboa. A final version of the December
loading programme is expected by the end of the week.
* At the end of last week, Repsol was said to have placed a
cargo of Congolese N’Kossa at its refinery in Peru in a rare
* Freight rates for VLCCs from West Africa to Asia have
stabilised at around WorldScale (WS) 100 over the last week,
down well over 100 points from the record-high rates hit after
the U.S. placed sanctions on subsidiaries of China’s COSCO.
* India’s IOC did not award last week’s tender and has
instead issued two new ones. IOC is seeking West African crude
for Dec. 10-19 and Dec. 14-23 loading. The tenders close on Oct.
* India’s HPCL closed a buy tender for three VLCCs of crude
loading in the first quarter of next year. Winner details have
yet to be announced.

* OPEC and its allies will consider whether to deepen cuts
to crude supply when they next meet in December due to worries
about weak demand growth in 2020, sources from the oil-producing
club said.

(Reporting by Julia Payne; Editing by Mark Heinrich and Jan

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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