West African crude oil differentials held steady on Thursday, as market participants awaited results of Indian buy tenders.
The West African crude market has been relatively quiet lately, a trade source told Reuters on Thursday. Differentials have not picked up in line with those in the North Sea where bidding on benchmark grades has been firm of late.
As such, West African grades have seen little uplift from the issues affecting exports of Caspian CPC Blend.
Indian Oil, India's largest oil company, was expected to hold three tenders on Wednesday evening, a trade source told Reuters, but results were slow to surface on Thursday.
Traders will also be watching for the release of Nigerian March loading programmes.
Among recent offers was Angola's Hungo crude at dated Brent minus $1.90.
In upstream news, Azerbaijan's state oil and gas company SOCAR has signed an agreement with Italy's Eni to acquire a 10 per cent stake in the Baleine offshore oil and gas field in the Ivory Coast, the two companies said on Thursday.
(Reporting by Robert Harvey; Editing by Elaine Hardcastle)
