June 12, 2018 / 4:47 PM / 12 days ago

W. Africa Crude-Ample supply keeps lid on market

LONDON, June 12 (Reuters) - West African crude differentials remained under pressure on Tuesday due to plentiful supply, despite outages reducing Nigerian exports.

ANGOLA

* About 10-12 cargoes of July-loading Angolan crude are still unsold, traders said, a relatively large number for this point in the monthly trading cycle.

* Dalia: Sonangol was heard to have sold a cargo recently to Repsol. The cargo was offered at a weak level of dated Brent minus $1.50, a trader said.

* The August loading programme should appear in the next few days.

NIGERIA

* More than 25 cargoes were still available for sale from the July programme, a trader said, enough to keep differentials under pressure.

* Shipments of Bonny Light remained subject to force majeure, according to a Shell spokesman on Monday.

TENDERS

* Indian Oil Corp. was heard to have bought 4 million barrels of West African crude from Chevron and Total in its latest tender and has issued a new tender for August crude, a trade source said.

Total supplied Akpo and CLOV, and Chevron is selling Escravos and Agbami, the source said. (Reporting by Alex Lawler; Editing by Mark Potter) ))

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