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Demand muted as Nigerian oil output plummets

Spot activity was muted on Friday owing to weak demand despite very short Nigerian and Angolan loading programmes.

Nigeria’s crude oil production fell below 1 million barrels per day (bpd) in August, its lowest output level in decades due to rampant theft from its pipelines and years of underinvestment.

Angola’s state oil firm sold its two spot cargoes of Girassol and Olombendo after offering them above dated Brent plus $5 a barrel earlier this week.

India’s IOC awarded a November loading tender to Chevron. Grade details did not immediately emerge.

The price cap that G7 countries want to impose on Russian oil to punish Moscow should be set at a fair market value minus any risk premium resulting from its invasion of Ukraine, a U.S. Treasury Department official told reporters.
Source: Reuters (Reporting by Julia Payne; editing by David Evans)

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