LONDON, June 10 (Reuters) - Nigeria gave details of how it
will comply with a newly tightened deal by producers to cut
output while new tenders from India's HPCL offered hope for
sellers.
* Nigeria's NNPC said on Wednesday it would be in compliance
with the OPEC+ cuts by mid-July at the latest and would
thereafter cut 40,000-45,000 barrels per day (bpd) to make up
for exceeding its quota earlier. * Africa's top exporter was obliged to cut 417,000 bpd from
its production from May 1 but a Reuters survey at the end of the
month found it had cut just 79,000. * Two traders of Nigerian oil said there were no signs of
any revisions to export schedules for July, after an earlier
OPEC agreement had led to reductions for May and June,
indicating any cut to volumes could begin in August.
* Kyari expressed optimism that shut-ins to the American
shale industry could soon favour competing Nigerian oil grades,
but that any boost would have to await a pickup in European
demand.
* A recent uptick in buying of West African oil from India,
Indonesia and China has seen price offers shoot up in recent
weeks but a glut in crude and products especially in Europe have
kept a broader demand recovery muted.
* At least 30 July-loading Nigerian cargoes had yet to be
sold.
* India's HPCL issued two spot tenders for 2 million barrels
of oil, including mostly West African grades. One is for
delivery Sept. 1-10, the other Oct. 1-10 and both close next
week.
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generated more than $1 billion in revenue this year through May
as traders positioned their bets for the collapse in oil prices,
a source familiar with the group's finances said on Wednesday.