02 March 2019, Sweetcrude, Lagos — An overhang of Nigerian crude for March loading was dwindling on Friday, while the Angolan market remained quiet after most April cargoes found buyers.
Nigerian Qua Iboe was last valued at dated Brent plus $1.80 to $1.90 a barrel.
The number of unsold March cargoes had fallen to less than 10, from as many as 12 estimated on Feb. 20, a trader said.
Trading of April cargoes is expected to pick up next week as traders return to their desks following an industry event in London this week.
Some sellers of Angolan crude, including state oil company Sonangol, are sold out after strong demand for April-loading cargoes.
* Potential pressure on the Nigerian market could come from a rise in supply from Libya, where there has been progress towards reopening the country’s largest oilfield, El Sharara.
Despite progress being made towards a restart this week, the field remains shut.
* Nigeria’s state oil company NNPC indicated that output from the new Egina field would be classified as condensate and not crude, so it would be not counted under an OPEC-led production cut.
But field operator Total classifies Egina as crude.