LONDON: Brent crude oil was on track for a third weekly gain, trading above $50 per barrel, though it fell back from an eight-week high reached in early Friday trading.
Nigeria increased its official selling prices on Thursday, setting Bonny at a premium of $1.08 per barrel and Qua Iboe at $1.35 per barrel, compared with 50 cent and $1.09 premiums in August, respectively.
Iraq plans to double the volume of crude it pumps via a pipeline to Turkey to its normal rate of 150,000 barrels per day (bpd) next week, an official at state-run North Oil Company said on Friday.
NIGERIA
Cargoes from Nigeia's October programme had not yet begun to trade. Bonny Light exports were scheduled to load at 189,000 bpd in October, including two deferred cargoes from September.
Bonny Light is still under force majeure, and being exported with delays of eight to 10 days, but traders said there could be fewer than four cargoes loading in August, with as many as three pushed into the September programme.
Several September cargoes were still available, including Akpo and Amenam offered at $1.60 per barrel premiums to dated Brent, Bonga at a $2, Erha at $2.40 and Escravos $2.50.
The strong differentials were a result of the outages, though traders said selling them could be a challenge due to concerns over loading delays.
ANGOLA
Angolan differentials were firming quickly, particularly for medium and heavy grades due to the loss of the Dalia programme to maintenance in October.
Traders said the stronger differentials had opened arbitrage from the United States for heavier crude, with one refiner booking a cargo of Western Canadian Select this week.
State oil company Sonangol had already sold two Nemba and a CLOV for October loading, though traders said there was still some Nemba available from the Septmember programme.
Sonangol was also offering a Hungo and a Pazflor. Its October export plan of 1.43 million bpd was the lowest since October 2006.
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