W. Africa Crude-Nigerian crude overhang dwindles

LONDON, March 1 (Reuters) – An overhang of Nigerian crude for March loading was dwindling on Friday, while the Angolan market remained quiet after most April cargoes found buyers.

* Nigerian Qua Iboe was last valued at dated Brent plus $1.80 to $1.90 a barrel.

* The number of unsold March cargoes had fallen to less than 10, from as many as 12 estimated on Feb. 20, a trader said.

* Trading of April cargoes is expected to pick up next week as traders return to their desks following an industry event in London this week.

* Some sellers of Angolan crude, including state oil company Sonangol, are sold out after strong demand for April-loading cargoes.


* Potential pressure on the Nigerian market could come from a rise in supply from Libya, where there has been progress towards reopening the country’s largest oilfield, El Sharara.

Despite progress being made towards a restart this week, the field remains shut.

* Nigeria’s state oil company NNPC indicated that output from the new Egina field would be classified as condensate and not crude, so it would be not counted under an OPEC-led production cut.

But field operator Total classifies Egina as crude. (Reporting by Alex Lawler; Editing by) ))


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