LONDON, Aug 19 (Reuters) - Punishingly low sales are pushing
offers for lighter Nigerian crude oil down, as demand in
European and South Asian markets drops.
* At least 40 cargoes of Nigerian crude oil for export in
August and September are yet to find a buyer as October
programmes are expected shortly.
* Bonny Light and Qua Iboe crude grades were still being
offered at around dated Brent plus 25 cents, but with few of the
cargoes clearing, traders expect them to sell for below zero.
* Maintenance at some European refineries in the next couple
of months is expected to push prices down further.
* Cheap U.S. crude is muscling out Nigerian and Angolan
crude lately in key markets India and China, respectively.
* Two Indian buy tenders in the last week, from IOC and
HPCL, were not awarded to Nigerian crude, clouding price
expectations and signalling weaker demand.
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