Offers for Nigerian crude spurred outage overtakes 800,000 bpd off-market


LONDON, July 6 – Offers for Nigerian crude were supported by local outages on two key grades as well as Libyan crude, which has taken over 800,000 barrels per day of light, sweet oil out of the market.

* However, spot trade was thin following a flurry of activity earlier in the week.

* Offers for Bonny Light, Qua Iboe and Forcados were close to dated Brent plus $2 a barrel, traders said, but trade levels were said to be lower at around dated Brent plus $1.40-$1.50 a barrel.

* Levels have firmed over the last week.

* Traders said there was no change to force majeure on Bonny Light exports and that the Trans-Ramos was still down, affecting some Forcados volume.


* ExxonMobil has on offer an August-loading Girassol at dated Brent plus 60 cents a barrel, as well as a cargo of CLOV at a premium of 40 cents, traders said.

* Chevron has lowered its offer level for a cargo of August-loading Cabinda to dated Brent minus 50 cents a barrel from minus 40 cents.

* India’s IOC issued a new tender for Sept. 15-25 loading. The tender closes on July 10 and remains valid until July 11.

* India’s IOC awarded its Sept. 1-10 loading tender for two VLCCs of west African crude, one from Vitol and the other from Statoil.

* An oil refinery being built by Aliko Dangote will account for half of his conglomerate’s assets when it is finished next year, a senior executive told Reuters, underscoring the scale of the bet being made by Africa’s richest man on Nigerian oil and gas.

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