Yemisi Izuora
Argentina is demanding more oil from Nigeria thus adding to more countries seeking the country’s crude.
Reuters data on West African Crudes trading shows Argentina is taking more Nigerian cargo that will help generate revenue for the country.
According to the data, only a small overhang of Nigeria’s April-cargoes loading remains, with two Indian supply tenders expected to mop up most of the cargoes.
Nigeria’s May loading programmes are expected to emerge later this week.
The report showed that Argentina is taking a rare cargo of Nigerian crude in April just as Trafigura sold a cargo of Bonga destined for Argentina splitting it between Argentina’s YPF and Axion, traders told Reuters.
According to Reuters ship-tracking data, Argentina took another cargo of Nigerian crude in early March this year and just one cargo last year and it picked up more Nigerian grades in 2015.
About 10 cargoes remain from the April programme with Vitol showing cargoes of Qua Iboe, Escravos, Bonga and Brass River.
Equally, ExxonMobil is still offering a cargo of Qua Iboe loading April 20-21 while offers for the grade have been around dated Brent plus $1.00 but levels are expected to be a bit lower, given the availability, one trader said.
Also, the report indicated that Total was offering Yoho and Bonny Light and Shell a cargo of Qua Iboe and Bonny Light.