W.Africa Crude-IOC snaps up WAF, Nigerian programmes emerge
W.Africa Crude-IOC snaps up WAF, Nigerian programmes emerge LONDON, May 29 (Reuters) - West African crude differentials in the spot market were steady on Friday, while India's IOC picked up Angolan and Nigerian crude in a recent buy tender.
India's IOC purchased cargoes of Angolan Nemba and Kissanje from Shell and BP respectively, for delivery to Paradip. It also bought Nigerian Usan from ExxonMobil for delivery to Vadinar.
The West African cargoes traded at around dated Brent plus $4, trade sources said.
Exports of Nigerian Bonny Light, Bonga, Forcados and Qua Iboe are scheduled at about 847,000 barrels per day in July, preliminary loading programmes seen by Reuters show.
At that level, loadings will be about 2.4% higher than the 827,000 bpd scheduled to load for those grades in June.
A small number of May West African cargoes are loaded on water and not yet heading to destinations, a trader said on Friday.
West African differentials have slid in recent weeks from record highs amid stiff competition from U.S. and Americas crudes, and a drop-off in Asian demand.
Trades for July loadings were slow to emerge, traders said.
(Reporting by Robert Harvey. Editing by Mark Potter)
((robert.harvey@thomsonreuters.com))
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