November 16, 2018 / 5:01 PM / 5 months ago

W. Africa Crude-Traders await January programmes

LONDON, Nov 16 (Reuters) - Nigerian and Angolan January loading programmes were slow to emerge while IOC helped clear up some overhang by buying 4 million barrels in its second tender this week.

* Less than 20 cargoes of Nigerian crude were still available, traders said.

* Only a handful of Bonny Light, Qua Iboe and Forcados cargoes were left. Bonny was being shown at a premium to dated Brent of $1.60 to $1.70 a barrel and Forcados at $1.70.

* December loading Bonga was said to be sold out.

* The January Angolan programme was not expected to emerge until Monday.

* India’s HPCL issued a tender to buy 1 million barrels of crude to be awarded on Nov. 21.

* India’s IOC awarded its tender for Jan. 13-22 loading to Vitol for two VLCCs of west African crude, traders said. Grade details did not immediately emerge.


* A probe by the Nigerian Senate into whether state oil firm NNPC improperly withdrew money has expanded with the amount under investigation doubling to over $2.2 billion, a committee said on Wednesday.

* Without another mega-project like Total’s Kaombo on the horizon and fields getting old, Africa’s second-largest crude producer is facing a steep decline unless it can revive exploration in what was once one of the world’s most exciting offshore prospects. (Reporting by Julia Payne; Editing by Adrian Croft) ))

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