India’s IOC mops up some Nigerian crude overhang

Some Nigerian crude was taken via an Indian tender but spot activity remained thin with freight rates and a backwardated market structure denting Asian demand.

Vitol returned to the window offering a cargo of Forcados at dated Brent plus $3.40 a barrel on a delivered basis and Bonga at dated Brent plus $3.55 a barrel also on a delivered basis.

India’s IOC was said to have awarded its latest tender to Chevron and Vitol with a total of 4 million barrels. A trader said that Chevron won with Escravos and Agbami.

Source: Reuters

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