LONDON: Angola's oil exports are set to hit a 10-year low of 1.43 million barrels per day (bpd) in October, according to a provisional loading programme and Reuters data, as Dalia cargoes were missing due to planned maintenance.
Nigeria's Energy Minister Emmanuel Ibe Kachikwu said in an interview published on his Twitter account that oil production had averaged at around 1.5 million barrels per day (bpd) in 2016, the government was putting "a lot of energy" into talks with militants who have attacked its energy infrastructure.
Brent's premium over US crude for December delivery widened by the most in eight months on Monday as traders anticipated a pick up in imports later this year due to the start of a major US crude pipeline.
The widening, driven in part by expectations that East and West Coast refiners would import more barrels from overseas later this year, could in the near term draw more US crude oil cargoes to Europe.
NIGERIA
Nigerian offer levels were holding firm due to the scarcity of a variety of grades.
Traders said there were a limited number of keen buyers, given the uncertainty over loadings and ample availability of other light sweet grades.
Bonga has been offered this week at dated Brent plus $2.30 to $2.40 and Erha at dated plus $2.40.
Exports of Bonny Light, Forcados, Qua Iboe and Brass River are under force majeure, while sources said attacks have also limited Escravos exports.
ANGOLA
The October export plan fell by 366,000 bpd from September, hitting its lowest since October 2006.
The shorter programme could well boost differentials, particularly as some said demand from Chinese teapots for medium crude grades was strong into the fourth quarter.
Fewer than 10 cargoes of Angolan crude are left for September loading, traders said. Cargoes left included Cabinda, Dalia, Nemba and possibly Girassol.
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