West African crude differentials were steady on Wednesday as trading has yet to kick off for October loading and the market awaited tender results.

Nigerian Qua Iboe was last offered at dated Brent plus $2.50 a barrel. No update to that figure was heard on Thursday.

The result of buying tenders by India Oil Corp and Hindustan Petroleum Corp had yet to emerge, a trader said.

The market is waiting for the results as an indication of whether U.S. President Donald Trump’s doubling of tariffs on imports from India in response to India’s purchases of Russian oil spurs Indian demand for alternatives.

Russian oil exports to India are set to rise in September, dealers said, Reuters reported on Wednesday, despite the U.S. threats.
Source: Reuters