LONDON, April 12 (Reuters) - Sales of Angolan and Nigerian
crude continued to be slow on Monday with many May-loading
cargoes still seeking buyers, but traders said high Middle East
prices may soon favour West African grades.
* Between 5 and 10 cargoes of Angolan oil loading in May
have yet to sell, a relatively slow pace with new June-loading
export schedules expected later in the week.
* Angolan and Congolese crude sales to China continue to be
slow, along with North Sea crude grades.
* Traders cited increased Chinese imports of Iranian crude.
* Chinese refiners have stepped up buying of Brazilian Tupi
crude as well, further squeezing out West African cargoes, with
sale prices at around a premium $1.50 - down about $1 compared
with two weeks ago.
* Middle East exporters have increased their official
selling prices for some grades, leading some traders to predict
that East Asian buyers may soon turn to abundant African oil.
* Two cargoes of Angolan Cabinda crude, one held by Eni were
last offered for around dated Brent flat, putting differentials
for the grade at their lowest since the depths of the pandemic
last spring.
* With European demand still low, Nigerian oil is
increasingly dependent on India for sales as that country
reduces Saudi imports and its state oil company IOC made a
larger purchase of Nigerian crude late last week.
RELATED NEWS
* Uganda, Tanzania and oil firms Total and CNOOC on Sunday
signed agreements that will kickstart the construction of a $3.5
billion crude pipeline to help ship crude from fields in western
Uganda to international markets. [nL1N2M408B
* Top oil exporter Saudi Arabia will meet most Asian
customers' requirements for May-loading crude after some buyers
had asked for lower volumes partly because of refinery
maintenance and higher prices, several trade sources said on
Monday.