Asian buying tenders took some West African grades this week, traders said on Friday, although price discussion in the broader West African market remained muted.

Indian Oil Corp bought cargoes of Nigerian Usan and Agbami crude, a trader said.

Hindustan Petroleum Corp extended its buying tender and Indonesia’s Pertamina opted for some Aseng crude from Equatorial Guinea, the trader said.

With the tenders hanging over the market, sellers have been deterred from posting offers. Nigerian Qua Iboe was last offered at dated Brent plus $2.50 a barrel.

Differentials have fallen recently due to waning demand as Asian refineries enter autumn maintenance, although strong fuel refining margins are providing support, traders said this week.

An OPEC+ meeting on Sunday could add more barrels to the market, weighing further on flat prices which have fallen this week in anticipation of a supply hike.
Source: Reuters