W.Africa Crude-Forcados offered slightly higher

Reuters12-19

W.Africa Crude-Forcados offered slightly higher

LONDON, Dec 18 (Reuters) - Nigerian Forcados was offered slightly higher from last week on Thursday, with high freight rates and stiff competition from plentiful and cheaper alternative supplies weighing on the market.

Forcados was offered at dated Brent plus $2.75, a trading source said, a slight uptick from the plus $2.65 reported last week.
Pertamina bought a cargo of WAF crude from Chevron in its latest buy tender, the trader added.
Meanwhile, nearly 20 million barrels of Nigerian oil for December and January loading remained unsold by Thursday, two traders told Reuters, while Angola's December-January programmes still had as many as five to six cargoes available.
Supplies from the Middle East are displacing medium and heavy West African grades in Asia as lowered official selling prices in January and shorter voyages give those grades a competitive edge, the analysts said.
In the broader market, Nigerian President Bola Tinubu has asked the Senate to confirm two new heads for Nigeria's oil and gas regulators after their predecessors abruptly quit, amid a high stakes' clash between one agency and Africa's richest man, Aliko Dangote.

(Reporting by Seher Dareen; Editing by Susan Fenton)

((seher.dareen@thomsonreuters.com))

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