W. Africa Crude-Nigerian exports to rise in December

LONDON, Oct 27 (Reuters) - West African crude differentials were steady on Monday as traders digested Nigerian loading programmes for December.

Exports of four key Nigerian crude oil grades are scheduled at 782,000 barrels per day (bpd) in December, as per preliminary loading programmes seen by Reuters, up from 641,000 bpd in November.

India's IOC will hold a buy tender on Monday night, a trader said.

Traders are awaiting clarity on the impact of fresh Western sanctions on Russian oil for other crude markets, and whether buyers of Russian crudes will pivot to other supplies.

Traders still continued to await term allocations on Monday, one source said.

A return to backwardation on the Brent forward curve, as well as rising freight rates, have put downward pressure on arbitrage economics for shipments to Asia.

There was still a small overhang of November cargoes needing to be cleared at the end of last week, traders said.

Elsewhere in West Africa, Mali has suspended school and university classes throughout the country for two weeks from Monday due to a fuel shortage, the government said late on Sunday, after al Qaeda-linked insurgents imposed a blockade.