W. Africa Crude-Nigeria slightly raises May exports of main grades

PUBLISHED: Tue, 23 Mar 2021 19:20:08 GMT

LONDON, March 23 (Reuters) – Nigeria slightly raised its planned exports of several main grades for May compared with April, while demand for West African crude remained muted.

* A notable drop in export volumes for the main Bonny Light stream was made up for by more oil exports planned from the Bonga and Forcados streams.

* Traders said slight decreases made to official selling prices for April, published by Nigeria’s NNPC on Monday, did not adequately reflect a strong slump in demand.

* Traders said April-loading Angolan cargoes had yet to sell out, with around three cargoes still available for sale.

* India’s MRPL bought a cargo of heavy sweet Brazilian Tupi crude, offers of which have soared in recent weeks, in a sign of further inroads into the Indian market of non-West African grades.

* Uruguay’s Ancap issued a tender for one cargo of May-arriving crude for which West African grades are eligible, set to close on Wednesday.

* Taiwan’s CPC closed its buy tender for June-arriving sweet crude, though results did not immediately emerge.

(Reporting by Noah Browning in London Editing by Matthew Lewis) ))

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html

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