OVERHANG OF NIGERIA CRUDE, INDONESIA TENDER TO TAKE OVER AGBAMI.
Despite competition from US grades, Asian tenders continued to mop up some of the overhang of Nigerian crude from June. Indonesia’s Pertamina took Nigerian Agbami in addition to the US grade Bakken in its latest tender for August and early September delivery.
Petroperu also launched a tender to buy two 380,000-barrel cargoes of West African, Latin American, or US crude for delivery in July at Talara and Conchan while Thailand’s PTT is looking to buy between 300,000 and 1 million barrels of light sweet crude for delivery between mid-July and mid-August.
There are still between 15 and 20 cargoes of Nigerian crude that remain unsold from the June loading programme, out of a total of 60 but down from closer to 30 a week ago. Nigerian July loading programmes are still emerging. Brass River will load 100,000 barrels per day in July on four cargoes while Escravos will load 153,000 bpd on five cargoes.