West Africa Crude: Key Nigerian programmes emerge amid overhang

Loading programmes for Nigeria’s largest streams emerged on Friday but an overhang of some 30 cargoes persisted, while traders waited for allocations following the final Angolan programme.

* A surplus of light crude has been building up over the last month with North Sea traders struggling to sell millions of barrels from floating storage.

* The Angolan programme for October has increased to 49 cargoes after four Gindungo cargoes were added to the preliminary programme. September had 47 cargoes.

* A few September Angolan cargoes were still lingering. BP was offering a cargo of Girassol at dated Brent plus 85 cents a barrel. Gindungo cargoes were also still available and Total was offering a co-load cargo of CLOV and Congolese Djeno.

* October loading programmes for Nigeria’s Bonny Light, Qua Iboe and Forcados emerged. Qua Iboe will be down sharply at 183,000 bpd down from 253,000 bpd in September.

* Bonny Light crude exports were set at 153,226 barrels per day (bpd) for October on five cargoes, in line with September.

* Nigerian exports of Forcados crude oil set at 208,161 bpd for October on nine cargoes of different sizes, down slightly from September. The Bonga schedule has six cargoes for October.


* India’s HPCL issued a tender for second half October loading crude. The tender closes on Aug. 23 with results expected the following day.


* Royal Dutch Shell’s oil traders on the Caribbean island of Barbados are being moved to the Bahamas next month. The relocation of the oil and gas company’s trading hub for Latin America will make travel to customers in the key region easier for its employees, a company spokeswoman said.  Reuters

Pix: Crude oil pipeline