W. Africa Crude-Nigerian OSPs awaited, new tenders provide demand hope

Published 20/10/2020, 16:49
© Reuters.

LONDON, Oct 20 (Reuters) - Nigerian official selling prices
(OSPs) were still awaited on Tuesday while new buy tenders
provided possible outlets for abundant low-priced Nigerian
crude.

* Nigeria's NNPC had yet to issue its official selling
prices which were expected imminently, to be followed by crude
export plans for December.
* Sellers took heart that new lockdown restrictions
especially in Europe were coinciding with refinery outages,
giving a boost to margins and demand.
* Bonga, Qua Iboe and Bonny Light crude continued to be
offered at around and above dated Brent flat, though ultimate
sale prices will likely be lower.
* India's IOC has issued another tender for crude arriving
in the last week of December, for which West African grades are
eligible. The tender is set to close on Wednesday.
* Taiwan's CPC is also running a buy tender which closes on
Tuesday for sweet crude oil.

RELATED NEWS
* The coronavirus pandemic has delayed Angola's efforts to
privatise parts of its oil-dependent economy, Mineral Resources
and Petroleum Minister Diamantino Azevedo told trade publication
Africa Oil and Power in an interview published on Tuesday.
* Libya's AGOCO, a subsidiary of the National Oil
Corporation (NOC), is producing 190,000-200,000 barrels per day,
two engineers there said on Tuesday.

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