W. Africa Crude: Angola loading programme released, diffs under pressure

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* Angola’s crude oil exports are expected to fall to 1.51 million barrels per day (bpd) in March, a loading programme showed on Tuesday. The total monthly volume is actually higher than February at 46.9 million barrels but the greater number of days in March trims the barrel-per-day figure.

* Differentials were under pressure owing to an abundance of competing light grades.

ANGOLA

* Total was still offering a February-loading cargo of Girassol on a delivered basis, but the programme was otherwise largely sold out. Girassol was valued at discounts to dated Brent.

* There were no offers from the freshly issued March programme as term barrels still needed to be allocated.

NIGERIA

* Around 20 cargoes were still available from the February programme.

* ExxonMobil was offering a cargo of Qua Iboe loading Feb. 18-19 at dated Brent plus 70 cents a barrel but recent deals were said to have been done at dated Brent plus 50 cents a barrel or lower.

TENDERS

* India’s HPCL issued a buy tender for March loading cargoes. The results are expected at the end of the week. (Reporting by Julia Payne; Editing by Alexandra Hudson)

 

 

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