W. Africa Crude-Qua Iboe falls to discount on demand slump

Published 18/03/2020, 18:18
© Reuters.

LONDON, March 18 (Reuters) - Nigeria's Qua Iboe crude was
valued at a discount to dated Brent on Wednesday rather than its
usual premium, underlining the extent of the slump in demand
because of the coronavirus pandemic.

NIGERIA
* Nigeria has 30 or more unsold April-loading cargoes
because of a drop in demand, traders estimated.
* Qua Iboe was offered at dated Brent minus 70 cents a
barrel this week, one trader said. That's the lowest
differential in more than a decade, according to the trader and
Refinitiv Eikon data.
* Nigeria is expected to cut its official selling prices,
which are due imminently.

ANGOLA
* Angola is exporting 45 cargoes in May, a trade source said
on Tuesday, up from 39 planned in April.
* State oil company Sonangol is finalising allocations to
term customers and not yet showing spot offers, a trader said.


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