LONDON, April 28 (Reuters) - Some Nigerian June loading
programmes emerged on Tuesday, showing signs of production cuts,
while traders also awaited the final Angolan schedule for June.
* May official selling prices emerged but traders said the
key grades were still overvalued. OSPs were cut but key grades
Bonny Light, Qua Iboe, Forcados and Bonga only by less than $1
to around dated Brent minus $4 a barrel. OSP/O
* April OSPs had already been drastically slashed as the
impact of the coronavirus lockdowns began to be felt.
* Foreign and local Nigerian producers are wrangling with
Nigeria's state firm NNPC over how production curbs should be
implemented to meet a global output cut deal led by OPEC.
* The discussions have held up the release of most of the
country's export programmes. The Egina programme will be four
cargoes in June, down from six cargoes in May while the Amenam
programme will have three in June compared with four in May.
* The overhang of May Nigerian cargoes was still hefty, with
one trading estimating between 20-30 cargoes.
* The issuance of the final Angolan loading programme has
also been delayed by production cut plans. One source said the
state firm Sonangol is unlikely to have any spot cargoes for
June.