W. Africa Crude-New Nigerian programmes emerge, diffs steady

LONDON, Feb 27 (Reuters) – April loading programmes for two more major grades of Nigerian crude emerged on Wednesday, as Angolan state oil company Sonangol sold out its April cargoes.

* The Forcados crude oil stream will export 168,000 bpd in April versus 166,000 bpd in March

* The Bonga stream will load 190,000 bpd in April, up from 153,000 bpd the previous month.

* Nigerian diffs held steady as sellers held off cutting offer prices despite wide weakening across light, sweet crude markets amid plentiful supply of comparable U.S. grades.

* A buy tender was expected from Taiwan’s CPC, also discouraging spot activity.

* State oil company Sonangol sold out of its April cargoes with China seeking medium grades which are now scarce following U.S. sanctions on comparable grades from Venezuela and Iran.

* An industry event in London kept activity fairly muted.


* Pricing agency Argus Media added U.S., African crude grades to its new North Sea Dated assessment

* Nigeria’s Buhari says will continue with inclusive government

* Nigeria’s state oil company NNPC indicated that output from the new ultra deepwater Egina field would be classified as condensate and not oil, adding that the country would conform with a OPEC-led production cut.

Reporting by Noah Browning and Amanda Cooper; Editing by
Kirsten Donovan


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