While Asian traders were mopping up Angola’s crude oil, Nigeria’s crude remains in ample supply, languishing as it waits for buyers.
According to Reuters, Nigeria’s Erha programme surfaced after weeks of delays that traders said related to a disagreement between state oil firm NNPC and the field operator, Exxon-Mobil.
* Programmes for Erha were issued after several weeks of delay. Four cargoes will be loading in March and three in April, the programmes showed.
* NNPC also issued its official selling price for Erha in March at 9 cents above dated Brent, up from a 17 cent discount in February.
* About 15 March-loading Nigerian crude cargoes are still available, traders said, and a force majeure on Forcados exports was doing little to boost differentials for most grades.
* Bonny Light for April loading was offered at dated Brent plus $1.50 per barrel and Bonga at a $1 premium.
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