* Nigerian Qua Iboe differentials down 5-10 cents
* Surplus of light sweet Nigerian grades
* Cargoes moving slowly but significant overhang
* Up to a third of October export cargoes unsold
LONDON, Sept 6 (Reuters) - West African crude oil
differentials slipped a little further on Thursday with unsold
cargoes of Nigerian and Angolan grades depressing prices.
Up to a third of the 127 cargoes due to load from the two
major African exporters in October were still looking for homes
with light, sweet grades facing most pressure, traders said.
Export programmes for November will be released in around
two weeks' time and cargoes for loading in early and mid-October
are already under heavy pressure.
"At this rate, there will be a fair number of unsold
Nigerian cargoes left by the time the next schedules appear,"
said a West African trader with an independent house.
NIGERIA
* Half a dozen Nigerian cargoes were reported placed since
Tuesday, leaving 25-30 cargoes loading in October still looking
for buyers.
* Qua Iboe: Six of the 12 Qua Iboe cargoes due to load in
October were still reported available, two or three of which
were being held back for possible sale into India via tender.
Selling indications eased around 10 cents per barrel to about
dated Brent plus $2.10, traders said, but this was still too
rich for buyers, pegged around 30 cents lower. Exxon was said to
have four cargoes still available for sale, while Vitol was also
said to be a buyer.
* Bonny Light: Trading at a discount of about 30 cents to
Qua Iboe, due to unreliable loading dates and variable quality.
* Agbami: With the October cargoes committed, levels were
assessed slightly higher, but still at a discount of around
dated Brent minus 80 cents.
ANGOLA
* A total of 10 of 55 cargoes for October remained unsold,
comprising two Dalia, two Girassol, two Cabinda, plus one each
of Plutonio, Saxi, Palanca and a Kissanje.
* Kuito: Sonangol sold its last Kuito to Unipec at an
undisclosed price. The Angolan state oil company was said to
have offered Kuito at around dated Brent minus $2.80 with buyers
at least 50 cents lower.
* Dalia: Sonangol was reported to have sold a Dalia cargo to
Shell at close to dated Brent minus 70 cents.
* Pazflor: Sonangol also sold its last Pazflor to Shell,
traders said, probably at close to dated Brent minus $1.00.
TENDERS
* State-owned Indian Oil Co Corp (IOC) has issued a tender
to buy light sweet crude for November loading, traders said.
Grade and price offers should be submitted by Wednesday and
Thursday respectively. An award is expected on Friday.
DATABASE
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