More Nigerian export plans for January surfaced, while trader Trafigura won the right to sell Nigerian oil to Indian Oil Corp.
More January loading plans emerged, with just over a handful outstanding including Abo, Brass, EA, Ebok, Okono, Okwori, Okwuibome, Oyo and Pennington.
January exports already included 54 cargoes for a total of 1.574 million barrels per day (bpd). While Forcados exports were expected to rise, Bonny Light, Agbami, Bonga, Qua Iboe and Yoho all had smaller export plans compared with December.
The Nigerian National Petroleum Corporation (NNPC) lowered its official selling prices for Qua Iboe and Bonny Light crude to premiums of 71 cents and 50 cents, respectively, versus dated Brent, from $1.02 and 66 cents in November.
There were a variety of cargoes left for sale from the November and December loading plans, putting downward pressure on differentials.
Promptly loading Qua Iboe was offered at dated Brent plus $1, and December cargoes at plus $1.30, but traders said deals below dated plus $1 were possible.
Indian Oil Corp bought two cargoes of Escravos from Trafigura for loading Jan. 10-20. BP had possibly won the right to supply a non-West African crude, but this was not confirmed.
India’s imports of African crude oil in October plunged to their lowest in over four years as the world’s third highest oil consumer turned to cheaper U.S. and Middle Eastern grades, ship tracking data showed.