LONDON: Nigeria's August loading plan hit its highest since before the early 2016 Forcados force majeure, loading plans showed on Wednesday. Angolan trading was sluggish for the August loadings as Chinese demand faltered.
Nigeria's August exports are planned at 2 million barrels per day (bpd) for the first time since March 2016, adding to the excess of light, sweet crude in the Atlantic Basin.
June's Forcados plan had sold out, traders said, but there were dozens of unsold cargoes from other programmes and traders said some of the Forcados could trade again.
Forcados was offered at premiums of 50 to 75 cents versus dated Brent for July and August loading, but buyers said the values would have to fall until the grade's reliability became clearer.
Maintenance at Nigeria's Bonga oilfield will run from June 18 to June 30, traders said, causing loading delays of roughly 10 days.
Trading of Angolan oil was slow due in part to shaky demand in China, but the medium and heavy crudes were under less downward pressure than light sweet grades.
Sonangol was offering a cargo of Plutonio at flat to dated Brent and Saturno at a 70-80 cent discount, traders said.
ExxonMobil was offering Mondo at a 30 cent discount to dated Brent.
TENDERS
India's IOC had issued a mini-tender for prompt loading oil, with awards expected on Thursday, traders said.
Taiwan's CPC had send regrets to several bidders for its tender to buy oil, but the winner was not immediately clear.
India's HPCL and Indonesia's Pertamina were also running tenders to buy oil, for August and September loading, respectively.
OTHER NEWS
OPEC members are considering further oil output cuts but should wait until the effect of the current reduced level of production is made clear, Iran said on Wednesday, hinting at possible further OPEC action after oil sank to a seven-month low.
US crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the Energy Information Administration said on Wednesday.
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