Markets

West Africa Crude-Indian tender awarded, spot trade muted

Published November 25, 2016 Updated November 25, 2016 08:11pm

LONDON: Leading OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, because it wants to focus first on reaching consensus within the organisation.

About 15 cargoes of Nigerian crude were left from the December programme. Usan was offered on Thursday at dated Brent minus $1 a barrel. Vitol offered a cargo of Abo at dated Brent minus 45-50 cents a barrel loading in early December.

Other west African grades were also offered, such as Congolese Djeno at dated Brent minus $1.80 a barrel and Ghanaian Jubilee at a discount of at least 60 cents a barrel to Angolan Nemba.

There were 4-5 cargoes of Angolan crude still being shown from the December programme and at least 20 January-loading cargoes.

No fresh offers were heard. Hungo was recently offered around dated Brent minus $1.40 a barrel.

Copyright Reuters, 2016