W. Africa Crude-Differentials stable ahead of tenders

Reuters
09/04
W. Africa Crude-Differentials stable ahead of tenders

LONDON, Sept 3 (Reuters) - West African crude oil differentials were steady on Wednesday, as market participants weighed fundamentals ahead of Asian buy tender results this week.

* One trader said West African crude oil differentials are edging lower. Autumn maintenance activity in Asia has previously been cited as a factor weighing down West African September-loading cargoes.

* Another trader viewed the market as more stable, suggesting that low stocks and strong middle distillate margins could help to offset waning demand.

* Tenders from Indian Oil Corp, Hindustan Petroleum Corp and Indonesia's Pertamina are running this week, a trader said, with market participants awaiting the results of those for further price discovery.

* Nigeria's production-sharing contract with TotalEnergies, its first guided by a new law designed to boost the OPEC member's gas production, will serve as a template for future deals, the oil regulator told Reuters on Wednesday.

* Chevron has signed a preliminary agreement with Angola's national oil and gas concessionaire ANPG to explore for oil in the country's offshore block 33/24, the U.S. oil major said on Wednesday.

* Eight OPEC+ members will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions said, as the group seeks to regain market share.

(Reporting by Robert Harvey)

((Robert.Harvey@thomsonreuters.com; +447552256587;))

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