LONDON: Nigeria cut the official selling price (OSP) of its largest crude stream Qua Iboe and other grades, reflecting poor demand for light, sweet crude amid a global glut.
The February OSP for Qua was cut to dated Brent plus 33 cents. That would be the lowest traded premium since 2005 according to Reuters data, although dealers said they had not seen cargoes trade at as low as the OSP.
Nigerian crude is in ample supply. Around 10 February-loading Nigerian cargoes are still available, according to traders, as the March loading programmes started to be issued on Thursday.
Angola issued its March programme earlier this week and plans 1.8 million barrels a day of exports on 58 vessels, compared with 53 ships in the revised February programme.
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