LONDON: Spot trading in West African crude oil was limited as Angola's Sonangol worked out its term allocations. * US crude stocks fell unexpectedly last week, while gasoline stocks also decreased more than expected, data from the Energy Information Administration showed on Wednesday.
Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for tough talks next month on a potential global output freeze pact. Its July production was already a record 10.67 million bpd.
NIGERIA
Cargoes of Bonny Light, which is under force majeure but still exporting via one of its two pipelines, were delayed by 8-10 days, traders said.
October programmes, and official selling prices, were expected before the end of the week.
Offers were elevated due to the scarcity of some grades, such as Qua Iboe, but demand for light sweet grades was limited and some buyers were wary of more delays or cancellations due to Nigeria's unrest.
ANGOLA
While term buyers were still working to determine which cargoes they would get from October exports, spot cargoes are likely to be limited due to the small programme.
The October export plan fell by 366,000 bpd from September, hitting its lowest since October 2006.
Demand for heavy and medium crudes was better supported, and some expected differentials to firm over the coming weeks.
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