W. Africa Crude-Nigerian diffs hold steady as March overhang remains

LONDON, Feb 13 (Reuters) – Nigerian crude differentials held steady as there remained a large number of cargoes for March loading and as a buy tender from India’s IOC, set to close on Wednesday, tested prices.

* About 20 cargoes of Nigerian crude were left in the March loading programme.

* India’s IOC has issued two buy tenders for crude loading between March 26 and April 4 and another for April 7-16. Both tenders close on Thursday with results expected on Friday.

* Less than five cargoes of Angolan crude were still available in March. Low freight rates have helped boost demand, a trader said.

* The April Angolan programme is expected at the end of the week or the beginning of next week.

* Nigeria elections due to be held at the weekend could delay the loading programme, traders said.


* The International Energy Agency said in a report on Wednesday that global oil supply will swamp demand in 2019 despite producer cuts and U.S. sanctions on Venezuelan and Iranian crude, due to fast-growing supply from outside OPEC.

* Goldman Sachs said that hefty production cuts by some major oil suppliers and falling seasonal crude inventories due to growing demand will push up Brent crude prices to $67.50 per barrel in the second quarter of 2019. (Reporting by Amanda Cooper and Noah Browning Editing by Susan Fenton) ))


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