India buys off Nigerian crude oil overhang

Nigeria crude that has been waiting for buyers in the high seas recorded some success as tender from Indian absorbed some of the overhang on Friday while majors were taking unsold barrels into their refining.
According crude oil sale tracking in the international crude oil market in London, Chevron was said to be offering a cargo of Nigerian Agbami loading that will be loading in August 26-27 at dated Brent minus 30 cents a barrel. Also Vitol was said to be showing cargoes of Bonny Light and Forcados but further details did not emerge.
In a related development Shell is said to be keeping a relatively large volume of Nigerian cargoes for its own refining system after failing to find buyers due to a global oversupply of light, sweet crude. The grades include Forcados, Bonga, Bonny Light and Akpo condensate, some of which is heading to the United States.
According to international crude oil; market report ExxonMobil was seen offering Nigerian Qua Iboe at around dated Brent plus 85 cents a barrel but deal levels were still pegged at below dated Brent plus 50 cents a barrel owing to weaker Chinese demand and an oversupply of light sweet crude.
Report indicate that August loading of Angolan cargoes were nearly sold out with a handful left including cargoes of Mondo, Pazflor, Dalia and Nemba. Refiner Indian Oil Corp awarded part of its tender to Chevron with a cargo of Agbami loading August 30-31 and it is also taking a VLCC from Total but grade details were not disclosed.
IOC it was learnt also tendered to buy U.S. sour crude to fill a gap left by OPEC production cuts. India is also taking more sour Russian crude. The shortage of sour crude has led to swift buying of North Sea sour grades as well as heavy Angolan crude. The first 20 days of Norwegian Grane August programme, a sour grade, has sold out.