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W.Africa Crude — Nigerian loading programs emerge

By Reuters News

LONDON, Oct 28 (Reuters) - The West African crude market was quiet on Wednesday.

  • "The number of unsold cargoes in Nigeria and Angola is within their normal range at this point in the trade cycle, as sellers had to lower prices to clear them," Morgan Stanley analysts said in a note.

  • "That is partly because Chinese buying has slowed again. For example, Unipec took five November Angolan cargoes against a normal 10-15, and Sinochem resold three," they added.

  • Differentials for West African grades have been weighed down by high freight rates and increased availability of Middle Eastern crude.

  • In the wider market, the $1.6 billion initial public offering of Nigeria's Dangote refinery has drawn about three times the total targeted orders, two people with knowledge of the situation said.

  • The Caspian Pipeline Consortium plans to cut oil exports by 2% in November from October to about 6.4 million metric tons, or 1.69 million barrels per day, two industry people told Reuters.

  • China, a major buyer of West African crude, received a first shipment of Russia's newly started oil production from the giant Arctic project Vostok operated by state-owned Rosneft, according to two tanker trackers and traders.

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