Loadings of Nigerian, W. African oil for India at 11 month low

West Africa’s oil loadings for India, which include Nigerian crude grades have slid to an 11-month low on a barrel-per-day basis, Reuters reports.

Loadings for India, a key consumer of Nigerian oil, were  at their lowest in nearly a year. Indian buyers are particularly aggressive in choosing crude based on the optimal price, and have in the past year issued tenders simultaneously for West Africa and U.S. grades.

A wide gap between Brent and other benchmarks makes West African oil – and all physical cargoes prices against dated Brent – less attractive to buyers with access to crude from
other regions.