LONDON, May 28 (Reuters) - India provided one of the few
outlets for Nigerian oil as East Asian tenders were awarded to
crude from elsewhere and a glut builds up.
* Tenders for sweet crude oil by Thailand's IRPC and
Taiwan's CPC were not awarded to any West African grades, with
the latter taking U.S. oil instead.
* Indian oil firms took in about 5-6 million barrels of
Nigerian crude last week and 2 million so far this week, a
trader said, with India's IOC awarding a tender to Total for
Akpo crude and possibly one other cargo.
* There remain around 50 unsold cargoes of Nigerian crude
seeking buyers, with European demand largely non-existent.
* Contango in the global oil market has narrowed recently
amid signs India and China are tapping vast amounts of floating
storage collecting since demand dried up amid the coronavirus
pandemic.
* Oil majors and trading houses have been offering Middle
Eastern and West African oil stored at sea as spot prices
strengthened in Asia, trade sources said. * BP was not successful in selling a cargo of July loading
Angolan Girassol crude at a little over dated Brent plus $3 and
it remained unclear if it had sold a cargo of Saturno it was
also offering.
RELATED NEWS
* U.S. crude oil and distillate inventories rose sharply
last week, the Energy Information Administration said on
Thursday, while fuel demand remained slack even as various
states eased movement restrictions to stem the spread of the
novel coronavirus. * Saudi Arabia and some other OPEC oil producers are
considering extending record high output cuts until the end of
2020 but have yet to win support from Russia, according to OPEC+
and Russian industry sources.