Demand for Nigerian Crude Oil Spikes
Demand for Nigerian crude oil grades rose sharply in the global market despite trading above the benchmark price. Nigerian differentials edged up on Friday as crude from Africa’s top exporter stayed competitive with European and U.S. grades, traders said.
Cargoes of Nigerian Bonny Light and Qua Iboe crude were being offered for around dated Brent plus $2.50 a barrel, Reuters reported.
Purchases of light and medium Nigerian crude were consistent in the United States in Europe, traders said and were highly competitive with U.S. West Texas Instrument (WTI) and Mediterranean CPC crude.
Nigeria’s newly operating Dangote refinery is due to deliver its first fuel into the local market within weeks, four sources told Reuters, in a key milestone toward long-sought energy independence for Africa’s top oil exporter.
Traders were on the lookout for further crude purchases by the refinery to determine whether operations were due to ramp up and divert further crude flows from the global market.
The speed of Angolan sales appeared to slow somewhat and March-loading supplies appeared unlikely to sell out before new export plans are published as early as late next week. #Demand for Nigerian Crude Oil Spikes#
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