--Middle East

　Saudi Aramco on Mar 10 had informed its long-term contractors that Aramco would supply April-loading term cargoes as per contracts, as reported earlier. Nevertheless, it later turned out that Aramco had announced that it would cut term supply of April-loading Arab Heavy (AH) to term contractors in India, China and other Northeast Asia countries.

　Aramco seemed to have slightly slashed term supply of March-loading AH to some contractors. Aramco proposed several term contractors that it would cut supply of AH but was ready to offer Arab Medium (AM) instead. Turnarounds were scheduled at production facilities including AH oil fields from March to April, according to sources. Thus, Armaco needed to reduce supply of AH. AH has been produced at Manifa oil field, Berri and Abu Safah fields. One end-user in South Asia pointed out that demand for AH was relatively smaller compared to demand for Arab Light (AL) and Arab Extra Light (AEL). Further, with supply of AM as an alternative to AH, a decrease in supply of AH did not have a huge impact on the market at present.

--Africa/Europe/Russia/America

　Tight supply for Nigerian grades boosted the market. The 150,000 barrels per day (b/d) Nembe Creek Trunk Line was shut on Feb 28 due to an outage. Following the incident, supply for Bonny Light was said to have delayed by about 10 days. Under the circumstances, demand/supply fundamentals for Nigerian grades have tightened. India's Hindustan Petroleum Corp (HPCL) purchased a total of 2.0 mil bbls of Bonny Light for May arrival as reported. The cargo was traded at a CFR based price, but the rice was heard equivalent to a premium of close to $5.00 to Dated Brent on an FOB basis.

--Asia Pacific

　PetroVietnam Oil Corp (PV OIL) issued a Su Tu Den sell tender. Through the tender that would be closed on Friday at 11:00 Vietnam time with offers valid until May 18 at 20:00, PV OIL was trying to sell one cargo of 300,000 barrels for May 15-21 loading.