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WAfrica Crude-Supply dearth sets price floor

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Fri Aug 10, 2012 12:58pm EDT

GENEVA, Aug 10 (Reuters) - West African oil differentials
were supported on Friday by Asian buying interest, although no
fresh deals were reported due mostly to scarcity of available
cargoes.
    Traders said that Angolan, Congolese and Equatorial Guinean
tankers were all sold out for September loading due to strong
demand from Asian and buoyant buying from Europe.
    In the past few months, a slump in demand meant that cargoes
for the latest loading programme would not clear before the next
programme was issued, leading to a supply backlog.
    India's Bharat Petroleum Corp (BPCL) issued a tender to buy
crude oil for loading in October, traders said, likely providing
further support for differentials.
    
    NIGERIA
    * Qua Iboe: heard offered at around dated plus $1.80 a
barrel. Vitol has yet to sell its cargo for loading 11-12
September, traders said.
    * Bonny: At least two vessels of this grade are still
thought to be unsold for September, making it one of the least
popular grades. The 19-20 cargo was still heard to be available.
                            
    OTHER GRADES
    * Angola: All of the 49 Angolan crude cargoes scheduled in
September were reported sold or taken home to stem-holders'
systems. Loading programmes for October are not due until late
next week.
    * Ghana: Traders said that there was no remaining Ghanaian
Jubilee grade for September loading, although one vessel
advanced to August is thought to be available on a prompt basis.
                 
    TENDERS 
    * BPCL issued a tender for crude oil loading between October
1-15, traders said. 
    * India's state-run Hindustan Petroleum Corp Ltd re-issued a
tender to buy crudes for September loading after cancelling it
earlier this week, traders said. Part one of the tender will
close on Friday.
    * BPCL bought Cabinda and Bonny Light tankers for
September-loading in the last tender.

    DATABASE 
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:
    here

 (Reporting by Emma Farge; editing by Keiron Henderson)
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