W. Africa Crude-Tenders absorb oil, but light sweet in excess


LONDON, Nov 13  – Tenders to buy oil from companies in India and Indonesia helped to absorb some excess on Monday, but there were roughly 30 unsold Nigerian cargoes and a handful from Angola.

* More than two dozen Nigerian cargoes were left unsold, including a cargo of Qua Iboe injected at the end of November, traders said.

* While Qua Iboe was offered at dated Brent plus $1.30, buyers said traded levels were likely to be lower because of an overall excess of light sweet oil.

* There were also at least five cargoes of Forcados left, though several were partial cargoes.

* Bonny Light, which had struggled with loading delays owing to pipeline issues, was offered at a premium of closer to $1 a barrel above dated Brent.

* There were several cargoes of Agbami and Bonga left.

* Roughly seven to eight December-loading cargoes were left from the Angolan loading plan.

* ENI sold a cargo of Hungo late last week to an undisclosed buyer, though the oil is expected to sail east.

* State oil company Sonangol had sold all its cargoes apart from a 19-20 loading Dalia. It had offered that cargo at dated Brent minus 50 cents a barrel.

* India’s IOC issued a fresh tender to buy West African crude, for loading from Jan. 10-20, including a range of Nigerian and Angolan grades along with those from Cameroon, Ghana, Gabon and Equatorial Guinea.

* In its last tender, IOC awarded Shell the right to supply Nigerian Agbami and Angolan Kissanje.

* A spot tender from Indonesia’s Pertamina had closed, but the winner was not immediately clear. Chevron had previously won a term tender to supply the company with Cabinda in February and March.

* Glencore won a tender from India’s BPCL with Nigerian Okwuibome.

* Vitol won a tender from Uruguay’s ANCAP with a cargo of Escravos.

* OPEC and its allies are likely to make a decision on whether to extend output cuts at the meeting in Vienna later this month, two ministers said on Monday.

* OPEC raised its forecast on Monday for demand for its oil in 2018 and said its deal with other producers to cut output was reducing excess oil in storage, potentially pushing the global market into a larger deficit next year.

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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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