Nigeria suspends crude trade ahead of election


LONDON, Feb 15 – The Angolan March programme was largely sold out on Friday ahead of the release of the new one next week while IOC mopped up some West African crude in its tenders.

According to Reuters reports, About 15-20 Nigerian cargoes remained from the March programmes and a delay was expected on the issuing of April schedules depending on the outcome of the general election over the weekend.

* Spot activity stayed on the sidelines because of uncertainty over potential violence in the oil-rich delta region and as sellers awaited the new programmes.

* The April loading programme was expected to emerge on Monday.

* Total sold its remaining Girassol and Gindungo cargoes, traders said, with the Girassol heading to Asia. Total had offered Girassol at dated Brent plus $1.50 a barrel and Gindungo at dated Brent plus 40 cents.

* IOC has awarded its tender to Total for two VLCCs of West African crude. The tender was for oil loading between March 26 and April 4 and another for April 7-16.

* Indonesia’s Pertamina issued a buy tender for cargoes for end-April or May delivery. The tender closes next week.

* India’s HPCL issued a buy tender for April-loading cargoes, also closing next week. (Reporting by Julia Payne Editing by David Goodman )

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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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