LONDON: Weak demand in Europe, and ample offers particularly in the Mediterranean, limited the outlets for West African crude.
Traders said the arbitrage to the United States was closed, and some US crude cargoes were still heading east, adding to the excess.
Buyers said offers were too high, in some cases 60 cents above sale prices, impinging trades.
NIGERIA
Qua Iboe, Forcados, Bonny Light and Brass River crude grades were under force majeure, taking out at least a third of the typical loading programme.
Still, there were around 15 September-loading cargoes left, indicating slow buying.
Shell offered Bonny Light at dated Brent plus $2.80 a barrel, but traders said this was well above the levels buyers would pay.
While there was optimism that Nigeria's Forcados, which has been under force majeure since February, would resume flowing within a month, traders said there was little concrete information.
September-loading Bonga was offered at $2.10 above dated Brent, and Akpo at a $1.30 per barrel premium.
ANGOLA
Key buyer, China's Unipec, had yet to pick up October-loading spot cargoes, leaving at least two dozen cargoes.
October-loading grades still on sale included Cabinda, CLOV, Girassol, Kissanje and Nemba, though one Nemba cargo had traded on Thursday.
September loading Cabinda was available at a 15 cent premium to dated Brent, and Nemba at a 30 cent premium.
October loading Nemba was offered at 40 cents above dated Brent, and traders said at least one cargo had moved, though the deal level was unclear.
Around 15 other cargoes were still available for October, despite the absence of Cabinda and the fact that it was more than halfway through the trading cycle.
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