W. Africa Crude-Angola clears, with Help from Open Arbs

A spate of last-minute buying cleared out much of the October Angolan crude oil cargoes just before the next month's programme emerged, but only after sellers discounted heavily.

Chinese traders returned to the spot market late in the week, but open arbitrage to the United States and Europe aided enormously in a difficult environment for West Africa crude.

"The freight (to Europe) is very cheap ... and all people are trying to delay maintenance to enjoy the good margins," one trader said.

Angola had been shielded somewhat in recent months by its Asian customers from the dire picture faced by Nigeria, which had to slash official selling prices to clear its cargoes.

But with Chinese buyers holding back amid refinery run cuts, planned maintenance and a shaky economic growth outlook, Angola also had to take action.

"Angola priced to sell," one trader said.

The recent narrowing of Brent's premium to Dubai crude <DUB-EFS-1M> also spurred Chinese and India buying, with Reliance making some October loading bookings as well.

Relief for West Africa's crude producers could arrive as a result of the low prices throughout 2015; the International Energy Agency said it expected the low oil prices to force non-OPEC oil producers, notably the United States, to cut output by the steepest rate in more than two decades next year, helping to balance the market.

But also on Friday, investment bank Goldman Sachs slashed its forecast for oil prices, citing global oversupply and worries about top energy consumer China.

It said crude oil prices could fall as low as $20 a barrel, although this was not its "base case".

ANGOLA

* After a sluggish month, the bulk of Angola's October loading programme had sold, with a handful of cargoes left.

* Traders said two Girassol and possibly one Dalia were available for sale

* China's Unipec bought two cargoes of Girassol, traders said, but Angola has had to look west for many of its October loading sales.

* Chevron (CVX) sold its cargo of Cabinda. Though the buyer was not clear, traders said it sold at a discount of nearly $1.50 per barrel to dated Brent.

NIGERIA

* There were about 20 cargoes left for October, out of a about 68. U.S. and Europe have been key destinations.

* Bonny Light cargoes were slow to sell due to concerns around loading dates following a force majeure on the grade recently, as well as offers of about $1.70 a barrel above dated Brent that buyers called unrealistic.

* Qua Iboe cargoes had sold quickly toward the end of the week, with just three left. Europe was a key destination.

* While NNPC appeared to have lifted its vessel ban, industry association Intertanko warned the companies involved to steer clear for now.

TENDERS

* India's IOC will award its latest tender for November-loading crude oil next week. Shell won the last tender with a cargo of Forcados and one of Pazflor, the first time IOC had purchased the latter grade.

(Reporting by Libby George; editing by David Clarke)