Nigerian oil sales limited due to excess light sweet crude


Tenders to buy oil from companies in India and Indonesia helped to absorb some excess on Monday, but there were roughly 30 unsold Nigerian cargoes, Reuters reports.

More than two dozen Nigerian cargoes were left unsold, including a cargo of Qua Iboe injected at the end of November, traders said. While Qua Iboe was offered at dated Brent plus $1.30, buyers said traded levels were likely to be lower because of an overall excess of light sweet oil.

There were also at least five cargoes of Forcados left, though several were partial cargoes. Bonny Light, which had struggled with loading delays owing to pipeline issues, was offered at a premium of closer to $1 a barrel above dated Brent. There were several cargoes of Agbami and Bonga left.