W. Africa Crude-Weaker on lower demand, Nigerian overhang

Published 11/03/2020, 17:42
Updated 11/03/2020, 17:45
© Reuters.  W. Africa Crude-Weaker on lower demand, Nigerian overhang

LONDON, March 11 (Reuters) - West African crude

differentials were coming under more downward pressure on

Wednesday from weaker demand and a surplus of Nigerian crude.

ANGOLA

* Angolan state oil company Sonangol cut its offer of

Cabinda loading April 23 to dated Brent plus $1.50, down $1.20

from a level reported on Monday.

* About seven cargoes are left in the current monthly

trading cycle ahead of new programmes due next week.

NIGERIA

* The Nigerian National Petroleum Corporation (NNPC) said in

a statement the coronavirus outbreak is hitting demand for its

crude.

"Nigeria has about 50 cargoes of crude oil that have not

found landing, adding that this implies that there are no

off-takers for them for now due to drop in demand," NNPC head

Mele Kyari said, according to an NNPC statement.

* Nigerian crude differentials are weakening. A trader said

Exxon sold two cargoes of Qua Iboe on Tuesday, one for end-March

loading and one for early April. The last offer heard was dated

Brent plus $2.10, the trader said, suggesting a sold price lower

than dated Brent plus $2.00.

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