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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