As the traders expect crude oil shipping schedule for March, there
are indications that some of Nigeria’s cargoes for February were still
awaiting orders.
However, the West African crude oil differentials remained under
pressure this week, with sales slow down as buyers experience lower
offers before picking up the ample supply available for February
loading.
Information gathered from Traders showed that about 25-30 Nigerian crude oil cargoes for February were still available for sale.
Highlighting fading demand from the biggest customers of West African
crude oil, Reuters survey showed that exports to Asia would fall to
about 1.86 million barrels per day from 2.16 million bpd in December.
Traders said that signs of increasing exports from Libya were adding
to pressure on Nigerian crude oil grades, which are of similar quality.
Libya’s National Oil Corporation spokesman, Mohamed al-Harari, said
El-Sharara oil field production is at 205,000 barrels per day (bpd)
after protests there ended, and should reach full output capacity of
340,000 bpd soon.
Traders of Angolan crude oil were watching developments in South
Sudan as supply from both nations is typically relatively heavy and high
in sulphur.
South Sudan has requested talks with Sudan on deploying a joint force
to secure oil fields in the south, Sudan’s Foreign Minister Ali Karti
said.
On Angola exports, the Plutonio, Dalia, Saturno, and Pazflor cargoes
for February loading remained unsold, while about 10-12 cargoes were
still available.
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