W. Africa Crude-Diffs slip further as supply overhangs persist

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 16 (Reuters) - Differentials for Nigerian and Angolan crude continued their slow slide down as Chinese buying remained sluggish and cheaper competing oil edged out crude from the region into Europe.


* Angolan state oil company Sonangol continued to seek buyers for cargoes of Cabinda and Dalia crude, offered at dated Brent plus $1.50 and minus $1.20 respectively.
* The offers are down by up to a dollar in a week, in a sign of how early Chinese buying interest for April-loading cargoes failed to last.
* Around six cargoes of Angolan crude loading in April remain unsold, with May-loading export plans due to be issued on Friday.
* Lighter Nigerian crude grades were being edged out of the European market by cheaper Azeri competition.
* More Nigerian volumes than in previous months were finding a home in the United States, however, providing a floor for a recent fall in offer prices.


RELATED NEWS
* U.S. crude exports to China in March are headed for their highest in nearly two-and-half-years, spurred by a recovery in demand and competitive prices compared with Middle East supplies.
* OPEC+ considers this week's slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the oil producer group told Reuters. (Reporting by Noah Browning; Editing by Josie Kao and Maju Samuel)


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