WAfrica Crude-Angolan offers seen higher on tighter supply

LONDON, May 17 (Reuters) - Angolan crude oil differentials
were expected to strengthen on Thursday after the announcement
of a smaller-than-expected loading programme for July, traders
said.
Angola will export around 1.56 million barrels per day
(bpd)of crude oil in July in 51 cargoes, down from 1.69 million
bpd in June and nearly 1.80 million bpd in April.

Several of the Angolan loading streams have been reduced
sharply for July and state oil company Sonangol is expected to
increase initial offers across the board for restricted grades.
Asian demand, meanwhile, continues apace with demand into
China running at close to record levels. China's imports of West
African crude oil, mostly Angolan, are expected to average
around 1.01 million bpd in June, just below 1.10 million bpd in
May, which was the highest since July 2010.
But Indian imports of West African crude, which tend mainly
to be of lighter, sweet Nigerian grades, have dipped recently.
India is set to import only around 380,000 bpd of West African
crude in June, around half recent levels.

NIGERIA
* Still more than a dozen Nigerian cargoes unplaced for June
just a few days ahead of the new July loading programmes.
Traders said the overhang of cargoes was holding down a range of
the smaller, less traded, Nigerian grades.
* Qua Iboe: Nigeria's benchmark grade was assessed between
dated Brent plus $2.00 to plus $2.10, in line with recent spot
deals. Sellers had asked above that range - closer to plus $2.30
- but all barrels have now been placed for June.
* Bonny Light: quoted at a discount of 40-50 cents to Qua
Iboe due to unreliability following recent force majeure
declarations on prompt loadings.

ANGOLA
* State oil company Sonangol had yet to indicate offer
prices for its July cargoes, traders said, following the
announcement of a much smaller loading programme for July.
Dealers said the more limited number of cargoes suggested
Sonangol would raise offers across the board, particularly for
the most restricted grades.
* Girassol: with only three cargoes loading each in June and
July, compared with a more normal seven in May, Sonangol offers
for July were anticipated at around dated Brent plus $1.20, up
from recent deals around plus $1.00, traders said.
* Nemba: The last spate of deals were done around dated
Brent minus $1.20 but initial Nemba offers from Sonangol were
expected to appear around dated minus 60 cents.

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(Reporting by Christopher Johnson; Editing by Alison Birrane)