Total sells Nigerian cargoes as West African spot trade slows


LONDON, Oct 3 – Public holidays in China kept spot trade under wraps on Wednesday, with few Nigerian cargoes trading hands, while Angolan offers also dried up, traders said.

* Total was said to have sold a cargo of Bonga at a premium of $1.70 a barrel to dated Brent.

* There are around 15 unsold cargoes from the 58-strong Nigerian October loading programme, down from nearly 20 at the end of last week, traders said. The November programme, the largest in six months, has been slow to sell.

* The Angolan November programme had about 10 cargoes left, down from about a dozen late last week, traders said. The programme originally planned 46 cargoes for the month.

* China’s financial markets, including commodities, are closed during the week of Oct. 1-5 for the National Day holiday.


* Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said.

* “The Russians and the Saudis agreed to add barrels to the market quietly with a view not to look like they are acting on Trump’s order to pump more,” one source said.

* Saudi Arabia’s Energy Minister Khalid al-Falih said on Wednesday the kingdom will further raise oil production in November from the level of 10.7 million barrels per day.

Speaking at a conference in Moscow and sitting with Russian President Vladimir Putin, Falih said Saudi Arabia has weekly communication channels with Russia in order to stabilise global oil markets.

* India’s MRPL is looking for up to 4 million barrels of crude, 2 million barrels for delivery from Nov. 6-20 and another 2 million for delivery from Dec. 6-20. The tender closes on Oct. 3 and the results are due by Oct. 5.

* IOC was said to be seeking an unspecified amount of sweet crude for November delivery, traders said

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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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