LONDON, May 5 (Reuters) - Nigerian crude differentials
showed signs of recovery on Tuesday, finding support from the
prospect of big cuts in output as part of OPEC's new supply
reduction agreement.
NIGERIA
* Qua Iboe was assessed at dated Brent minus $4.00 a barrel,
up 45 cents from Monday, which was an historic low brought about
by a collapse in demand and excess supply due to the coronavirus
crisis.
* The number of unsold May-loading cargoes is thought to be
13-19, suggesting a supply glut is easing.
* Traders say Nigeria is making sizeable cuts in output from
May 1, when the new cut by OPEC and its allies took effect.
"I think it will be big," one trader said. "They can do a
lot through tolerances and by deferring a few cargoes a few days
from one month to the next. Differentials will collapse if they
don't."
ANGOLA
* Angola's Sonangol has no more cargoes left in the current
trade cycle, a source said, having sold a cargo of Cabinda last
week.
* Some heavier grades have been in more favour due to an
increase in Chinese refinery activity and lower freight rates,
traders have said this week.