Total seeks Forties crude; Nigeria cuts Qua Iboe crude exports

Total SA (FP) failed to buy North Sea Forties blend at the same price as its last bid. Vitol Group sought to sell Russian Urals crudes without success.

Nigeria raised its August official selling price for benchmark Bonny Light and Qua Iboe crudes by 10 cents to a premium of $2.35 a barrel to Dated Brent, the Nigerian National Petroleum Corp. said in an e-mailed statement. Nigeria will ship 12 cargoes of 950,000 barrels each of Qua Iboe in September, one less than August, a loading programme obtained by Bloomberg News showed.

Total didn’t manage to buy Forties for August 6 to 8 at 70 cents a barrel more than Dated Brent, unchanged from its last bid on July 16, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window.

Phibro, a unit of Occidental Petroleum Corp., failed to sell Forties cargo F0803 for August 13 to 15 at 80 cents a barrel more than Dated Brent, the survey showed.