LONDON: Nigerian oil prices were under pressure as the Atlantic Basin remained awash with light crude due to the open arbitrage from the United States to Europe, more Libyan and slow-selling Kazakh CPC Blend in the Mediterranean and the return of Forcados and more Qua Iboe.
Trading activity was also subdued as the market awaited the outcome of the OPEC meeting.
Nigeria's Senate passed the first part of long-awaited legislation to overhaul the country's energy industry on Thursday. The first part relates to the governance and structure of country's energy institutions.
An all-encompassing Petroleum Industry Bill had been in the works for many years until a decision was made to break it up. The separate governance bill has been in the works since late 2015.
Exports of Nigeria's Forcados crude will not return to full capacity until November or December, Oil Minister Emmanuel Ibe Kachikwu told reporters in Vienna on Thursday.
OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
NIGERIA
An overhang of supplies was still weighing on prices as June cargoes proved slow to clear.
ANGOLA
Chevron offered a cargo of Nemba at dated Brent minus 50 cents a barrel.
Total was still offering a cargo of Pazflor at dated Brent minus 60 cents a barrel for July loading.
ExxonMobil has been offering a cargo of Girassol for several days at dated Brent plus 30 cents a barrel.
State firm Sonangol still offering Dalia at dated Brent minus 90 cents a barrel.
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