Business

Africa Crude-Angolan programme emerges, Nigerian diffs slide on muted demand

Isaac UmunnaComment(0)

Sellers reacted to recent muted demand for light, sweet Nigerian crude by cutting offer levels while Angola awarded its major products tender and issued its May programme.

NIGERIA

ExxonMobil lowered its offer for a cargo of Qua Iboe to dated Brent plus $1.60 a barrel for loading April 7-11.

Offers for April-loading Qua Iboe have been stubbornly sticking to about dated Brent plus $2 despite cargoes changing hands some 50 cents below that level.

ANGOLA

* The May loading programme emerged with 1.49 million barrels per day (bpd), or 48 cargoes, up from 1.47 million bpd, or 46 cargoes.

* A handful of April-loading cargoes were still available, with some being re-sold.

* Angola awarded its major refined products tender for one year to Glencore and Total, cutting out long-time supplier Trafigura. * Eni and Sonangol announced the start-up of oil production from ‍the Ochigufu field off Angola, adding 25,000 bpd. * Amnesty International on Friday accused international oil majors Shell and Eni of negligence when addressing spills in Nigeria. (Reuters)

Isaac Umunna

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