W. Africa Crude-Bonga programme lags behind

Published 25/02/2020, 21:16
© Reuters.  W. Africa Crude-Bonga programme lags behind

LONDON, Feb 25 (Reuters) - Spot trade was slim on Tuesday as

trader focussed on London oil week and as a key Nigerian

programme had yet to emerge.

* Nigeria's Bonga programme had yet to emerge with

expectations that it would not surface until the end of the

week.

* Angolan cargoes for March were largely sold out, traders

said.

* State-owned Sonangol was still offering four April-loading

cargoes - Dalia, Cabinda, Girassol and Sangos.

* Taiwan's CPC Corp bought via tender 3 million barrels of

U.S. WTI Midland crude and 3 million barrels of Angola crude via

a spot tender seeking sweet crude for delivery in May, trade

sources said.

* The International Energy Agency's (IEA) outlook on global

oil demand growth has fallen to its lowest level in a decade,

IEA Executive Director Fatih Birol said on Tuesday, adding it

could be reduced further due to the impact of the coronavirus

outbreak. * Demand is expected to contract by 435,000 barrels per day

(bpd) in the first quarter.

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