LONDON, Oct 3 (Reuters) - Offers for Nigerian crude eased on
Thursday amid a sizable glut for October, which in turn is
selling more steadily.
NIGERIA
* Offers for several Nigerian grades have been marked down
around 30 cents compared to last week, helping cargoes to clear.
* Around two dozen cargoes of crude remain for export in
October.
* Vitol offered a cargo of Forcados on Wednesday for $4.35
above dated Brent on a CIF basis, but it was unclear whether any
buyer was secured.
* Nigeria's legislature increased the value of the country's
2020 budget outline to 10.729 trillion naira ($35 billion) based
on expectations of higher oil prices. L5N26O4LW
ANGOLA
* Sellers continued to largely maintain high-price offers
for several major grades, with Cabinda at around $3 above dated
Brent and above and Dalia around $2.50.
* The prices, in line with faster selling months, were seen
as comparable to those at this time in the trading cyle last
month and assume high Asian demand for heavier, sweeter oil.
* Singapore stockpiles of low sulphur marine fuels held in
floating storage are swelling ahead of a 2020 global deadline.
* Buyers also see freight rates and middling refining
margins for distillates as an argument against the high offers.
* At least a couple of cargoes remain for export in October
and around 12 for November.
TENDERS
* India's IOC was running tenders for two cargoes of West
African crude for November delivery set to close later this
week.
RELATED NEWS
* Saudi Arabia has set its November Arab light crude oil
official selling price to Asia at a premium of $3 to the
Oman/Dubai average, up 70 cents a barrel from October.
* Nigeria's central bank plans to charge 12 banks a total of
more than 400 billion naira ($1.3 billion) for failing to meet
its minimum loan-to-deposit ratio requirement by a September
deadline, banking sources said. * Russia has spare oil production capacity of at least
500,000 barrels per day (bpd), Deputy Energy Minister Pavel
Sorokin said, RIA news agency reported.