Africa Angola Commodities Economy Nigeria Oil Trade

West Africa crude-IOC buys Angolan, Nigerian trades on spot

Some of the excess Nigerian cargoes are likely to sail to India after state refiner IOC awarded its latest tender to buy oil. Angola’s Sonangol sold some May-loading barrels, but traders said it continued to offer six cargoes and that differentials to dated Brent could come under downward pressure.


  • Spain’s Repsol had purchased a cargo of Gimboa from state oil company Sonangol on a spot basis, traders said. Sonangol had been offering the cargo at a 60 cent discount to dated Brent.
  • Sonangol had also sold a cargo of Dalia before term allocations, to a western buyer, while Phillips66 took a cargo of Hungo as a term allocation. Sonangol stopped offering its spot Hungo.
  • Sonangol was still offering six cargoes, including four Dalia at dated Brent minus 75 cents, Sangos for May 21-22 loading at dated minus 30 cents and Saturno for May 20-21 loading at dated minus 65 cents.
  • Traders BP, Statoil and Total were also offering spot cargoes of May-loading Angolan oil. Exxon also had an April-loading CLOV available, one trader said.


  • Spot offers were still concentrated on April-loading cargoes, traders said, with few offers surfacing for the May programmes.
  • Roughly 20 cargoes remained available to trade from the April programme, including Qua Iboe, Erha and others.
  • ExxonMobil had lowered its offer for Qua Iboe to dated Brent plus $1.40 a barrel, down from the most recent offer of a$1.60 premium and well below initial offers closer to premiums of $2 per barrel.
  • Qua Iboe and Agbami had traded more quickly than other grades, and the May programme for Qua was limited by maintenance.


  • Indian IOC’s purchased at least 3 million barrels of West African crude from Total and Chevron in its tender for May-loading.
  • Traders said the Indian refinery would take Nigeria’s Agbami and Escravos as part of the purchase, but neither confirmation of the grades nor further information on other grades were available.
  • Results were expected on Friday for tenders from Thailand’s PTT and Taiwan’s CPC to buy West Africa oil.
 Source: Reuters

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