Nigerian crude offers steady with margins still under pressure

Offers for light grades of Nigerian crude oil were steady on Thursday, after falling slightly in recent days due to poor refining margins, especially in Europe.

Offers of Nigerian Bonny Light and Qua Iboe oil hovered at around a dollar above dated Brent or slightly below.

Indian demand has boosted hopes of a pickup in buying, but with large stocks of oil still to be tapped – especially in Europe – and oil prices generally rising, traders sense Asian appetite may soon wane.

Nigeria’s Department of Petroleum Resources (DPR) releaseddata on recent production and exports, stating the country’s commitment to complying with OPEC+ production cuts by July.

India’s HPCL has two spot tenders for 2 million barrels of oil, including mostly West African grades. One is for Sept. 1-10
delivery and the other for Oct. 1-10. Both close next week.

Fewer than 10 cargoes of Angolan oil remain for export in July, with new export schedules for August due to be published
early next week.

Source: Reuters

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