November 13, 2018 / 5:48 PM / in a month

W. Africa Crude-Angolan export programmes due, Nigerian market in surplus

LONDON, Nov 13 (Reuters) - Spot trade in Angolan cargoes slowed ahead of the release of the January loading programme later this week, while the Nigerian market sagged under the weight of a slew of unsold crude and expensive freight that made shipments to Asia uneconomical.

NIGERIA

* At least 30 Nigerian cargoes are left from the December programme, which originally contained 64 cargoes, although this surplus was smaller than the 35 estimated late last week.

* Diffs held unchanged. Qua Iboe and Bonny Light were last indicated around $1.75 a barrel above dated Brent, which traders said was too high given the size of the unsold overhang.

ANGOLA

* Around half a dozen cargoes are still unsold from the December loading programme, down from eight estimated on Friday. The January programme is expected to be issued later this week.

TENDERS

* Indonesia’s Pertamina re-issued a tender to buy West African crude loading on Dec. 1-15. No result has emerged as yet for the tender, which was valid until Monday.

* India’s IOC was said to have awarded a tender to buy crude loading on Jan. 1-15 to Chevron and Glencore, for a co-load of Bonga, Agbami and Okwori. (Reporting by Amanda Cooper; Editing by Emelia Sithole-Matarise) ))

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