LONDON: Nigerian crude differentials looked to be coming under downward pressure on Monday from ample local supply and competition from rising US exports.
NIGERIA
A loading programme for Bonny Light in November finally appeared, after Shell last week lifted force majeure on exports. The November programme lists five cargoes, a trader said.
In a sign of a weaker Nigerian market, Statoil offered Usan on a delivered basis at dated Brent plus $1.45 a barrel, which one trader said was a low offer.
Most December programmes have been issued and as of Friday amounted to 48 cargoes or 1.38 million barrels per day.
ANGOLA
Angola is exporting 51 cargoes in December according to an updated loading plan and there are still thought to be a few November cargoes available.
Sonangol was heard to have allocated three cargoes to Unipec, seven to Sinochem and two to Indian Oil Corp. on a term basis.
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