September 17, 2019 / 4:02 PM / a month ago

W. Africa Crude-Saudi uncertainty, high freight dampen demand

    LONDON, Sept 17 (Reuters) - Spot activity was muted on
Tuesday as buyers waited for a Saudi news conference on the
state of its oil production following the weekend attack before
committing to new barrels.
    
    * High freight rates and a wide backwardation were also
weighing on the market. 
    * Ahead of the official Saudi news conference, two sources
briefed on developments said oil output will be fully restored
quicker than previously thought, taking two or three weeks not
months.               
    * Shell's local arm has declared force majeure on exports of
key Nigerian grade Bonny Light. The declaration, officially made
on Sept. 13, followed the closure and force majeure on the Nembe
Creek Trunk Line (NCTL) by operator Aiteo last week.
            
    * Around 10 Angolan cargoes and 35 Nigerian cargoes still
remained from the October programme.
    * Nigeria's November loading programmes were expected to
emerge by the end of the week. 
    * India's IOC issued a tender for west Africa crude loading
in early November. Tender results are expected on Thursday. 
    
    RELATED NEWS
    * Nigeria depends heavily on diesel for power generators.
Now diesel costs could spike globally as United Nations rules
aimed at cleaning up international shipping come into effect on
Jan. 1, with many ships expected to burn distillates instead of
dirtier fuel oil. Many businesses are not prepared.             


 (Reporting by Julia Payne and Susan Fenton, editing by Ed
Osmond)
  
 
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