W. Africa Crude-Angolan selling but supply remains ample

 LONDON, Jan 7 (Reuters) - Angolan crude cargoes are finding
buyers, traders said on Tuesday, though ample remaining supply
and lacklustre demand suggest differentials face downward
pressure. ANGOLA * About 17 of Angola's 38 cargoes for February are for sale, of which three or four are repeat offers, traders said. That is
a large volume for this stage in the monthly trading cycle but
less than Monday's estimate of 20 cargoes. * State oil company Sonangol was still looking to sell
cargoes of Dalia and other grades. The Dalia was offered at
dated Brent plus $2.50, steady from Monday. * Sold prices are likely to be some way below offer levels,
one trader said. * Backwardation, high freight rates and poor demand from the
United States and China's so-called teapot refineries are
weighing on the market. NIGERIA * Nigerian crude differentials remained supported by strong
demand for light, sweet crude. * Qua Iboe and Bonny Light were last heard to be offered at
dated Brent plus $3.20-$3.50, the highest since 2014 according
to Refinitiv Eikon data. TENDERS * Indian Oil Corp is running two buying tenders this week
for crude to be delivered in the first half of March, a trader
said. (Reporting by Alex Lawler
Additional reporting by Julia Payne
Editing by David Goodman) ))

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