West Africa Crude Demand muted as Nigerian oil output plummets

Spot activity was muted on Friday owing to weak demand despite very short Nigerian and Angolan loading programmes.

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* Nigeria’s crude oil production fell below 1 million barrels per day (bpd) in August, its lowest output level in decades due to rampant theft from its pipelines and years of underinvestment. 

* Angola’s state oil firm sold its two spot cargoes of Girassol and Olombendo after offering them above dated Brent plus $5 a barrel earlier this week.

* India’s IOC awarded a November loading tender to Chevron. Grade details did not immediately emerge.


* The price cap that G7 countries want to impose on Russian oil to punish Moscow should be set at a fair market value minus any risk premium resulting from its invasion of Ukraine, a U.S. Treasury Department official told reporters.

Source: Reuters