Nigerian crude remained in overhang with June and July cargoes still lingering though a few cleared in a recent tender by India’s IOC, while Angola issued its August programme.
* Asian demand for Angolan is expected to rise after Saudi Arabia cut sales to Asia and the United States for July.
* Angolan grades are heavy and could serve as a substitute though they are less sulphurous.
* Angola’s August programme emerged on Friday with 52 cargoes, up from 50 in July. Sonangol is expected to market 19 of them.
* Total offered a cargo of Nigerian Bonga loading July 10-11 at dated Brent plus 75 cents a barrel.
TENDERS
* Traders said that Shell and Chevron were awarded the IOC tender for cargoes of Nigerian Escravos, Bonga and Akpo.
* India’s HPCL issued a buy tender for cargoes loading August 1-10. It closes and is valid until June 23.
* Indonesia’s Pertamina issued a buy tender for September delivery cargoes. The tender closes on June 20 and is valid until June 22.