W.Africa Crude — IOC buys Angolan, Congolese grades

(.) LONDON, Oct 16 (Reuters) — West African crude differentials were steady on Friday against a broader backdrop of trending lower, as traders digested tender results. India's IOC bought cargoes of Nemba, Sangos and Djeno in a recent tender, one trader said. West African crudes have faced pressure this week as record-high freight rates have hampered demand for grades that usually travel long-haul to their main demand outlets. That has affected Angolan grades more than Nigerian crudes so far, a trader said. A drop in values in the Mediterranean and North Sea markets could further weigh on West African grades as the overall oil complex weakens, another trader added. Many cargoes remain unsold in the current cycle, ahead of the release of December programmes, the trader said. Market participants were awaiting Angola's December loading schedule on Friday. In upstream news, Angola intends to implement faster exploration concessions from next year as part of a new long-term hydrocarbon strategy that aims to attract investment and stimulate oil and gas production, a senior government official said on the sidelines of an energy conference in Cape Town on Thursday. (Reporting by Robert Harv