W. Africa Crude-Nigerian programmes emerge, crude offers strong amid weak demand

Published 28/08/2020, 17:22
© Reuters.

LONDON, Aug 28 (Reuters) - Schedules for Nigerian crude oil
exports for October had almost completely emerged by Friday,
with offers for some key grades steady and even up despite weak
demand.

NIGERIA
* Total exports of Nigeria's four main crude oil grades are
set to fall slightly in October to 736,000 barrels per day (bpd)
from 756,000 bpd planned for September.
* Despite relatively slow sales of the grades, Bonny Light
and Qua Iboe crude were on offer for dated Brent plus 50 cents,
climbing about 20 cents compared to early last week.
* Traders said the prices were unrealistic and reflected
sellers' projection that there would be a temporary deficit of
light sweet oil from the United States due to storm damage.

ANGOLA
* Finalized export programmes for October will see output
volumes remain steady.
* Minor changes to the grades on offer will see state oil
company Sonangol offering one less cargo compared to the
preliminary programme.
* Absent Chinese demand means Sonangol has yet to sell any
of its nine spot cargoes.

RELATED NEWS
* Energy companies on Friday continued efforts to restore
operations at U.S. Gulf Coast offshore platforms and refineries
shut by Hurricane Laura as oil markets largely shrugged off the
storm's impact. * Nigerian energy company Lekoil Ltd LEK.L needs to raise
around $100 million before it can start drilling in its Ogo
oilfield, its chief executive told Reuters.

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