India’s IOC has bought West African crude as part of its latest tender, a trader said on Tuesday, while demand for Nigerian crude remains robust.

IOC has purchased Nigerian grade Agbami, Angolan grade Nemba and some WTI crude in its latest tender, the trader said.

Offers for some Nigerian crudes have benefited from burgeoning demand from Europe because the oil does not have to cross the Red Sea.

There are roughly 10 Nigerian cargoes remaining for February loading and about 30 March cargoes left, the trader added. Nigeria’s March schedule emerged last week.

On Monday traders said that Nigerian Bonny Light was offered at dated Brent plus $2.20 a barrel for an end-February cargo while other grades, including Escravos and Forcados, had premiums around $4.50 plus dated Brent or higher.
Source: Reuters (Reporting by Natalie Grover in London. Editing by David Goodman)