LONDON, April 14 (Reuters) - A glut of Nigerian and Angolan
crude weighed on the market on Tuesday with demand from China
slower than in the last few weeks.
* OPEC and its allies agreed to cut production by 9.7
million barrels per day (bpd) over the weekend.
* Nigeria pledged to cut around 400,000 bpd and Angola
around 350,000 bpd of output in May and June but further details
were slow to emerge. * Shell lifted a force majeure on exports of Nigeria's
Forcados crude oil after the pipeline transporting it reopened
after being shut since April 4, the company said in a statement
on Monday.
* "It's a buyer's market right now," one trader said, adding
that nothing was shifting.
* The glut of unsold Nigerian oil was around 60 cargoes for
April and May.
* Cargoes of Qua Iboe and Bonny Light crude continued to be
offered at around dated Brent minus $3.00.
ANGOLA
* Angola's state firm Sonangol had yet to sell its cargoes
of May-loading CLOV and Dalia cargoes, traders said.
* Both cargoes were being offered around dated Brent minus
$5 a barrel.
* The preliminary June programme should emerge by the end of
the week with around 20 cargoes still available from the May
programme.
RELATED NEWS
* Sub-Saharan Africa's gross domestic product is expected to
contract 1.6% this year, compared 3.1% growth last year, as the
coronavirus pandemic wrecks the region's economies, the
International Monetary Fund said on Tuesday. * An unprecedented deal by oil producers to curb supply to
match demand hollowed out by the coronavirus pandemic is set to
depend partly on purchases by consumer countries for their
strategic stocks on a scale not seen before.