W.Africa Crude - Lack of demand weighs on market
LONDON, July 7 (Reuters) - West African crude differentials remained under pressure as the grades competed for market share against other crudes.
In its latest tender, Indian Oil Corp bought cargoes of Angolan Kissanje, Dalia and Nembe and Nigerian Agambi and Usan, a trader said.
Senning, a London-based subsidiary of China National Petroleum, offered down Chad's Doba crude to minus $4 to dated Brent in the previous session from minus $1.95 on July 1, he added.
TotalEnergies sold its July-end Djeno grade, another trader said, which was first offered at minus $14 to dated Brent in the previous session.
Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper into Europe, given that more cargoes are making it through the Strait of Hormuz, traders have said.
In the wider market, Nigerian oil producer Renaissance Energy said it had made an oil discovery offshore Nigeria after drilling an exploration well in Oil Mining Lease 74, its first major success since taking over the asset last year.
The country is currently pumping 1.71 million barrels of oil a day, NNPC Ltd chief Bashir Ojulari said, including record output of 365,000 bpd from the state oil firm's exploration and production unit.
Nigeria's Dangote Group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya through internal cash flow, bonds and an initial public offering, a senior company executive told Reuters.
