September 26, 2017 / 4:21 PM / 22 days ago

W. Africa Crude-Trade slow due to limited arbitrage opportunities

LONDON, Sept 26 (Reuters) - Angola’s state oil firm issued its final November loading programme on Tuesday though trade activity was thin owing in part to generally weaker demand because of lacklustre arbitrage opportunities to Asia and a major industry gathering in Singapore.

ANGOLA

* Angola’s crude oil exports are set to fall to a 13-month low in November after Sonangol deferred one cargo, bringing the total to 47.

* About eight cargoes were left from the October programme including cargoes that have been on offer for several weeks such as Chevron’s Cabinda, Eni’s Olombendo and Total’s Nemba.

* Unipec was also still offering several cargoes and Statoil was trying to sell crude from two VLCCs.

NIGERIA

* There was still no sign of the Bonny Light or Erha programmes. Bonny Light was still under force majeure while Ehra is due to have maintenance in November.

* About a dozen cargoes are still left from the October loading programme including around five cargoes of slow-selling Forcados.

TENDERS

* Indonesia’s Pertamina issued a buy tender for crude for December delivery. The tender closes on Oct. 2 and is valid until Oct. 5. (Reporting By Julia Payne. Editing by Jane Merriman) ))

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