By Tony Ademiluyi
Preliminary export programmes for key Nigerian grades have emerged while the Angolan state oil company, Sonangol, finalised its term allocations for cargoes in February.
According to Reuters, exports of Nigerian Qua Iboe and Bonny Light crude oil are both set around 230,000 barrels per day for February, a slight rise for Qua Iboe and fall for Bonny Light from the previous month.
It said Suezmax shipping rates from Nigeria to Europe had persistently inched up, dissuading buyers already reluctant to meet high asking prices near 2019 highs.
India’s IOC issued a short tender after its last tender for crude loading Feb. 1-10 did not secure a West African grade.
The Asian country’s HPCL issued a new tender closing next week.
Of the 38 cargoes planned by Angola for export in February and not deferred from previous weeks, three were assigned to China’s Unipec, six to Sinochem and two to India’s IOC.