February 10, 2017 / 5:24 PM / 3 years ago

W. Africa Crude-ENI lifts Brass force majeure, Nigerian trades on spot market

LONDON, Feb 10 (Reuters) -

* China’s crude imports in January rose 27.5 percent from a year earlier to the third-highest volume ever, suggesting robust demand to fill storage and to make up the shortfall as domestic production continues to fall. The country is a key importer of West African oil.

* OPEC has delivered more than 90 percent of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply, making a strong start to implementation of its first production cut in eight years.

* Italy’s Eni has lifted force majeure on Brass River crude oil exports from Nigeria, leaving only the Forcados crude oil grade under force majeure.


* Several Nigerian cargoes had traded, leaving roughly 20 remaining for March loading.

* Just one export grade, Forcados, was now under force majeure after ENI lifted the declaration against Brass River.

* Loading delays have plagued other grades, including Exxon’s Qua Iboe, though the major was pressing offers for it as high as $1.50 per barrel above dated Brent.

* Nigeria's vice president met leaders in the oil-producing Delta region in an effort to reach a lasting peace deal with militants whose attacks had pushed output below 20-year lows in 2016. [tmsnrt.rs/2j4spa2]


* Just two cargoes, a Sangos and a Pazflor, were left to trade for March loading, sources said.

* Most of the focus had turned to the April loading plan, which was scheduled for release by the middle of next week.


* India’s IOC this week took a total of 3 million barrels of Nigerian crude, and one cargo of Angolan.

* Shell placed a cargo of EA, Glencore a cargo of Nigerian Okwuibome and Total a cargo of Akpo and Angola’s CLOV into the tender, which sought crude for April 1-10 loading. (Reporting by Libby George; Editing by Adrian Croft) ))

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