West African crude prices steady as traders await Asian tender results

West African crude oil differentials were steady on Wednesday, as market participants weighed fundamentals ahead of Asian buy tender results this week.

One trader said West African crude oil differentials are edging lower. Autumn maintenance activity in Asia has previously been cited as a factor weighing down West African September-loading cargoes.

Another trader viewed the market as more stable, suggesting that low stocks and strong middle distillate margins could help to offset waning demand.

Tenders from Indian Oil Corp, Hindustan Petroleum Corp and Indonesia's Pertamina are running this week, a trader said, with market participants awaiting the results of those for further price discovery.

Nigeria's production-sharing contract with TotalEnergies, its first guided by a new law designed to boost the OPEC member's gas production, will serve as a template for future deals, the oil regulator told Reuters on Wednesday.

Chevron has signed a preliminary agreement with Angola's national oil and gas concessionaire ANPG to explore for oil in the country's offshore block 33/24, the US oil major said on Wednesday.

Eight OPEC+ members will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions said, as the group seeks to regain market share.

(Reporting by Robert Harvey)