LONDON: Angola's low January export programme was little salve to differentials, traders said, as the market grappled with a backlog of unsold cargoes.
The programme of 1.46 million barrels per day (bpd), the lowest since 2011, is also expected to grow with the addition of Plutonio cargoes.
Thus far, there are no cargoes of Plutonio on the schedule, compared with four in December, and there were no known maintenances impacting the stream.
Additionally, several cargoes, including Girassol and likely other grades, will be deferred to January from December.
Nigeria's January export programme was also due within the week, which was expected to add further downward pressure to differentials versus dated Brent that were already near ten-year lows.
In October, African crudes overtook domestic European grades, representing nearly 32 percent of total imports into Europe, according to Thomson Reuters research. Lower crude prices, and the surging margins they have brought, should also encourage refiners to run at full steam.
But West African grades are grappling with bruising competition for buyers.
There was only one VLCC slated to carry North Sea crude to Asia, and the semi-autonomous region of Kurdistan has begun targeting Baltic crude markets in north-western Europe, rivalling traditional Russian supplies and adding to the region's oil glut.
But December cargoes were selling, with European buyers taking Nigerian grades and Uruguay's Ancap also snapping up a cargo of Bonny Light.
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