Two million more barrels of West African oil are expected to sail to India as part of an IOC tender while U.S. crude appears to be displacing Nigerian crude in several markets, Reuters reports.
Total won a tender to supply India’s IOC with oil loading April 1-10. The company was likely to supply a 2 million barrel VLCC, but the grades included were not immediately clear. Results of a tender from Indonesia’s Pertamina for oil to be delivered in May/June were expected on Friday.
Nigerian cargoes remained in good demand, though the sentiment behind firming differentials to Brent was dented somewhat by falling distillate margins. U.S. crude oil exports are also edging out competitors including Nigeria and Angola in a variety of markets. China stopped importing Nigerian crude in the fourth quarter, Chinese customs figures showed.