The Nigerian market sagged under the weight of a slew of unsold crude and expensive freight that made shipments to Asia uneconomical.
At least 30 Nigerian cargoes are left from the December programme, which originally contained 64 cargoes, although this surplus was smaller than the 35 estimated late last week.
Diffs held unchanged. Qua Iboe and Bonny Light were last indicated around $1.75 a barrel above dated Brent, which traders said was too high given the size of the unsold overhang.
India’s IOC was said to have awarded a tender to buy crude loading on Jan. 1-15 to Chevron and Glencore, for a co-load of Bonga, Agbami and Okwori.