Africa Crude-Spot trade slows as string of tenders emerges

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Savannah Petroleum reports new oil discovery in the Agadem Basin
Savannah Petroleum reports new oil discovery in the Agadem Basin

 

India’s IOC took a total of three million barrels of Nigerian crude oil in tenders early this week.

The grades included Agbami, Usan and Okwuibome.

According to Reuters, Statoil purchased a cargo of Forcados for April 20-21 loading from Trafigura.

It stated that Forcados had been offered as high as $2.50 a barrel above dated Brent.

Chevron had also sold a cargo of Cabinda, a trader said, but further details were not clear.

The tenders have helped to support differentials, but refinery maintenance was also having a dampening effect on demand.

Angola’s Sonangol was still offering two cargoes of Dalia at dated Brent minus 70 cents a barrel, Olombendo at dated Brent plus $1.20 a barrel and Saxi at dated Brent plus 75 cents a barrel.

Nigeria’s April export plan included at least 62 cargoes for a total of 1.85 million bpd, along with an additional 95,000 bpd of Akpo condensates.

Indonesia’s Pertamina issued a tender to buy crude for April and May delivery. Grades included Aseng, Cabinda, Coco, Olombendo, Bonny Light, Qua Iboe, Pennington, Aseng, EA and Okwuibome, along with other crudes from other regions.

India’s HPCL issued a tender to buy crude including Angola’s Hungo and Saturno along with Urals and other grades

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