IOC books crude cargoes, Nigerian Oct exports low

India’s IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria’s initial October export plans mostly showed slipping levels. NIGERIA Export plans for Forcados, Qua Iboe, Bonny Light, Bonga Erha, Amenam and Usan nearly all showed lower figures compared with September.

Forcados exports were scheduled to rise to 256,000 bpd, and Erha also showed an increase. But Qua Iboe, the largest export stream, and the other grades released were all set to slip month-on-month.

There were roughly 10-15 cargoes left from the September loading plan. Official Selling Prices for July were expected by Friday. Differentials have been supported by strong refinery margins. ANGOLA Trading was limited as state oil company Sonangol allocated cargoes from its recently issued October export plan.

October loadings were set at 1.7 million bpd aboard 55 cargoes, the highest bpd level since September 2016.

The September export plan sold quickly on the back of strong demand in China and an overall tightness in medium and heavy crudes.

Traders Shell and Total won a tender to supply Indian Oil Corp with cargoes of West African crude loading in late October. Total would supply one VLCC with two million barrels, but the grades were not immediately clear.

India’s BPCL was also running a tender to buy 1 million barrels of Nigerian crude for October loading. It closes on Aug. 22.