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W. Africa Crude-Nigeria programmes emerge after OSPs slashed

Published 23/03/2020, 18:41
© Reuters.

LONDON, March 23 (Reuters) - Nigeria cut its official
selling prices to entice buyers last week before releasing its
May loading programmes on Monday.

NIGERIA
* May loading programmes emerged with key grades seeing a
rise over the previous month. Bonny Light and Forcados are both
higher and due to load 245,000 barrels per day, Bonga 123,000
bpd and Qua Iboe 215,000 bpd. O/LOAD
* There will also be two cargoes each of Usan and Yoho, five
cargoes each of Brass River and Agbami, six of Egina and four
Amenam.
* Nigeria slashed its official crude selling prices to
record lows as the country grapples with an unprecedented excess
of oil triggered by the coronavirus outbreak and a battle
between Saudi Arabia and Russia for market share.
* Late on Friday, NNPC cut its April official selling prices
(OSP) for Bonny Light and Qua Iboe by $5 a barrel to dated Brent
minus $3.29 and minus $3.10 per barrel, respectively.
* Angola is exporting 45 cargoes in May, up from 39 planned
in April.
* Sonangol was still offering several spot cargoes: Cabinda
at dated Brent plus 50 cents, CLOV at dated Brent plus $1.20,
Dalia at dated Brent minus 40 cents and Girassol at dated Brent
plus $1.50.


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