W. Africa Crude-Nigerian overhang continues, spot sales slow

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 27 (Reuters) - An overhang of close to 20 March loading Nigerian cargoes continued on Monday, while sales of spot Angolan crude for April were proving slow.



* Angola's state oil firm Sonangol was still offering three spot cargoes loading in April: Girassol at dated Brent plus $3.20, Cabinda at dated Brent plus $3.00, and Dalia at dated Brent plus 20 cents a barrel.
* Taiwan's CPC closed a buy tender for May-arriving crude, but results did not immediately emerge.


RELATED NEWS
* Nigeria's ruling party candidate and former Lagos governor Bola Tinubu was ahead in the vote count from Saturday's presidential election, a Reuters tally of provisional results in 12 of 36 states showed.
* A strong pick-up in fuel demand in China and flattish supply from other producers will push the oil market into deficit in the second half of this year, leading OPEC to reverse its production cut at the June meeting, analysts at Goldman Sachs said.


* Kenya is asking up to a year to pay for imported oil rather than as soon as it is delivered to relieve pressure on the foreign exchange rate, Energy Minister Davis Chirchir said on Monday.
(Reporting by Julia Payne Editing by Mark Potter)


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