W. Africa Crude-Differentials stable in slow market

LONDON, Oct 2 (Reuters) – West African crude differentials were stable on Thursday as the November trade cycle remains slow-paced. * High freight rates and strong competition from Mideast Gulf and Latin American crude grades for homes in the Far East are weighing on West African differentials, one trader said on Thursday, adding that trade has been slow lately. * Nigeria's daily oil and gas production slumped during a brief nationwide strike by oil workers' union PENGASSAN that was called off on Wednesday after government-mediated talks with Dangote Refinery, according to an impact report seen by Reuters. * Nigeria has boosted daily crude oil output to between 1.7 million and 1.83 million barrels and the number of active drilling rigs from 31 in January to 50 by July, as reforms under President Bola Tinubu begin to unlock investment in the petroleum sector. * Senegal plans to start construction of a second oil refinery next year to boost domestic processing capacity, and is seeking $2 billion to $5 billion in investment for the scheme, the CEO of national refining company SAR said on Thursday. (Reporting by Robert Harvey; Editing by Jan Harvey)

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