December 3, 2018 / 4:46 PM / 6 days ago

W. Africa Crude-Tenders keep sellers at bay, Nigerian market swamped

LONDON, Dec 3 (Reuters) - A number of tenders this week kept activity muted on the West African market, as India and Indonesia sought barrels for arrival in February.

Potential sellers often hold off from offering cargoes if they are taking part in a tender in which they may be successful and have to commit those barrels.

Traders said nearly 20 cargoes of Angolan crude were believed to be available for sale from the January programme, which contained 43 cargoes in its final version.

The Nigerian market is fairly heavily oversupplied. Late last week, traders estimated that as much as a quarter of the December programme is still up for grabs, in addition to a hefty January programme amid paltry demand.

Offers for Nigerian Qua Iboe and Bonny Light were last holding around $1.65 a barrel above dated Brent, down from $1.70 last week.

TENDERS

*India’s IOC issued a tender for Feb. 1-10 loading. It closes on Dec. 5.

*Indonesia’s Pertamina is seeking between 950,000 and 1.9 million barrels of light sweet crude for delivery in early February in a tender that will be awarded on Tuesday, traders said.

RELATED NEWS

* Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide.

* Qatar’s decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply cuts should come only from countries that had increased output. (Reporting by Amanda Cooper; Editing by Andrew Heavens) ))

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