Nigeria’s crude which is making much sales in Asia is declining following Force Majeure declared on the Qua Iboe Export Terminal.
Sales had remained slow and few cargoes traded with refining margins still squeezed.
Traders expected the Qua Iboe export terminal to resume production this week, though such expectations earlier this month proved overoptimistic and Exxon said the force majeure declared almost a month ago remains in place, Reuters said.
Also, the Floating Production Storage and Offloading, FPSO Abigail Joseph started loading its first crude cargo this week.
The FPSO is at the Anyala West field, a joint venture between NNPC and First E&P.
Nigerian crude is reportedly selling more rapidly, especially to Asian buyers, with offers of Forcados at around dated Brent plus $1.50.
Traders expected coronavirus mobility restrictions to keep sale prices of light sweet grades lower than current offer levels, with Bonny Light expected to trade below dated Brent plus $1.
Along with a cargo of Nigerian Akpo, India’s IOC awarded a tender for crude loading in late February to Western Canada Select (WCS).