After experiencing a lull in the sale of it cargoes, an Indian refiner came to the aid of Nigeria when it took a greater than usual volume in its latest buy tender, helping to mop up excess Nigerian crude in the increasingly competitive Altantic Basin.
Around five cargoes were still said to be available from the September loading programme. The October programme is expected to emerge today.
Over 30 cargoes of Nigerian crude were still available for September loading, weighing on differentials.
Nigerian crude has been selling slower than usual as U.S. exports of similar specification crude ramp up further. In a sign of even more competition to come, a major new U.S. pipeline has just started deliveries.
The country’s oil suffered its slowest sales of the year in August as U.S. exports of competing light, sweet grades flood traditional markets in Europe and Asia.
Traders said that India’s IOC took around 5 million barrels of West African crude with Agbami from Chevron, Agabmi and Girassol from Glencore and the remainder from Vitol.Traders added that the volume was unusually high for the short time period. IOC has issued two tenders for Oct. 9-18 and 18-27 loading.
