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Iraq Cuts Basrah Crude Loadings; Angola Exports at 31-Month Low

Trafigura Beheer BV and Total SA withdrew bids for North Sea Ekofisk grade. Iraq plans to cut Basrah Light crude shipments by 9.4 percent in December, a loading program obtained by Bloomberg News showed.

Angola, Africa’s largest oil producer after Nigeria, will reduce its crude exports for January to the least in 31 months, according to a final loading program obtained by Bloomberg News. There were no bids or offers for Russian Urals blend in the Platts pricing window.

North Sea

Trafigura withdrew bids to buy Ekofisk for Dec. 17 to Dec. 23 and Oseberg for Dec. 11 to Dec. 18 loading at premiums of $1.10 a barrel, according to a Bloomberg survey of traders and brokers monitoring the Platts window.

Total also withdrew a bid for Ekofisk loading Dec. 9 to Dec. 13 at $1 more than the benchmark, the survey showed.

There were no bids and offers for Forties and Brent.

Brent for January settlement traded at $111.20 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.93 in the previous session. The February contract was at $110.59, a discount of 61 cents to January.

Urals/Mediterranean

Polish refiner PKN Orlen bought 100,000 metric tons of Urals crude for Dec. 10 to Dec. 14 loading and delivered to the Butinge terminal in Lithuania from Glencore Xstrata Plc, according to four people with knowledge of the tender, asking not to be identified because the information is confidential.

OAO Surgutneftegas issued a tender to sell 100,000 tons of the blend for Dec. 16 to Dec. 17 loading from Ust-Luga, according to two people who received the tender document, asking not to be identified because the information is confidential. The tender closes tomorrow.

The company sold a 100,000-ton cargo for Dec. 12 to Dec. 13 loading from Ust-Luga to Repsol SA, and another lot for Dec. 13 to Dec. 14 from Primorsk to Eni SpA in a separate tender, according to three people with knowledge of the tender asking not to be identified because the information is confidential.

December Iraqi exports are scheduled at 2.14 million barrels a day from the Basrah Oil Terminal in the Persian Gulf, down from 2.36 million barrels a day this month.

West Africa

Angola will load 49 cargoes totaling 1.52 million barrels a day in January, the least since June 2011, according to loading schedules. That compares with 56 shipments, or 1.73 million barrels a day, in December. Most of the consignments are 950,000 to 1 million barrels. No exports are planned for Gimboa, Kuito and Palanca grades.

Nigeria will boost daily crude exports for January by 2.7 percent from December to the highest in three months, loading programs obtained by Bloomberg News covering 18 grades showed.

The nation will ship 64 cargoes totaling 1.94 million barrels a day, according to the schedules. This is the most since October and compares with 63 shipments amounting to 1.89 million barrels a day for December.

Exports for January will comprise 13 consignments of Qua Iboe, seven Agbami, five each of Bonny Light, Bonga, Akpo, and Forcados, four Brass and Usan, three Erha, two each of Amenam, Antan, Escravos and Yoho, and one each of Abo, EA, Okono, Okwori and Pennington. The cargoes range in size from 500,000 to 1 million barrels.

Equatorial Guinea will keep January exports of Zafiro crude unchanged from December at three lots of 1 million barrels, a loading program shows. The country will also load two 650,000-barrel cargoes of Aseng, compared with one 950,000 barrel and one 650,000 barrel consignment in December.

The Republic of Congo will export one 950,000-barrel consignment of N’Kossa grade in January, one less than this month, according to a loading program obtained by Bloomberg.

To contact the reporters on this story: Laura Hurst in London at lhurst3@bloomberg.net; Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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