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W. Africa Crude-Cargoes slow to sell due to weak European demand

PUBLISHED: Wed, 07 Apr 2021 15:26:51 GMT

LONDON, April 7 (Reuters) – European demand was failing to mop up an overhang of crude on Wednesday as the region faces competition from cheap U.S. barrels and Mediterranean grades.

* Differentials for Russian Urals have plunged to a one-year low while Azeri Light was at its lowest since October last year.

NIGERIA

* At least 10 cargoes of April loading crude were still available and slow to clear.

* Exxon Mobil was offering Qua Iboe cargoes loading in May at dated Brent flat, down from plus 10 cents previously. The company was also showing Chadian Doba at dated Brent plus 60 cents, down 20 cents.

* Gunvor was offering an end-May loading cargo of Qua Iboe at dated Brent plus 20 cents.

* Eni was showing a cargo of Forcados at dated Brent minus 20 cents, Brass River at minus 30 cents and Bonga at plus 40 cents a barrel.

ANGOLA

* Around a dozen May-loading cargoes were available from equity holders. Eni was offering Cabinda at dated Brent plus 30 cents loading in late May.

* Chevron was offering a cargo of Nemba at dated Brent minus 80 cents.

* CLOV was on offer at dated Brent plus $1.00 and Dalia at minus 10 cents.

* State company Sonangol was still offering a cargo of Saturno at dated Brent minus $1.50, loading May 18.

* Exxon sold last week a cargo of Kissanje at dated Brent minus 60 cents. The buyer was said to be Shell.

TENDERS

* South Africa’s Sasol closed a buy tender, seeking crude for May 24-25 delivery, closing April 6. Shell won with a cargo of Nigerian Forcados loading in April.

* India’s IOC issued two new tenders for west African crude loading in early June. Both close April 8.

* Pertamina did not award a tender that closed earlier this week and was expected to reissue a new one for May barrels. (Reporting by Julia Payne Editing by Krishna Chandra Eluri) ))

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