Aug 7 (London) - Nigerian crude oil differentials steadied on Tuesday with all eyes on a major buying tender due to be awarded by India's largest state-controlled refiner, whichwas likely to set a marker for benchmark crude Qua Iboe.
India's IOC was expected to announce the result of a tender for light, sweet crudes for lifting at the end of September and early October and could take up to four West African cargoes.
The September loading programme for Nigerian crudes is already unusually light with only 10 cargoes of Qua Iboe due to load in Nigeria's total of 62 cargoes loading 1.84 million barrels per day (bpd). This compares with 12 cargoes of Qua Iboe in August in a programme of 74 cargoes loading 2.03 million bpd.
* Qua Iboe: offers again assessed around dated Brent plus $1.80 with potential interest around dated plus $1.50 to $1.60.
Mercuria and Vitol were both said to be holding end-September cargoes of Qua Iboe, and up to three Sept. 1-15 cargoes were said to have been set aside for Indian tenders.
* Bonny Light: Heavily discounted below Qua Iboe based on unreliability and quality variations; two Bonny Light stems for September loading were reported available, one from Sahara, withvalues around dated Brent plus $1.10.
reporting for easykobo.com on Wednesday, Aug 8 2012 from lagos, Nigeria
Source - as reported by reuters news agency
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