China Steps Up Purchases of Nigerian Crude

© vkilikov / Adobe Stock
© vkilikov / Adobe Stock

Differentials for some grades of Nigerian crude rose on Friday, while Chinese refiners stepped up purchases of crude from other West African exporters.

At least around 35 cargoes of Nigerian crude for loading in June and July have yet to find a buyer.

his comes amid consistent purchases from Europe, the United States and South Asia as the summer driving season ramps up.

The expected release of August export plans beginning next week and the healthy overhang of supplies from previous months might still push differentials down, traders said.

Nigerian Forcados crude was being offered for dated Brent plus $3 a barrel while offers for Qua Iboe stood around dated Brent plus $2.50, up around 20 cents from earlier this week.

Elsewhere in Africa, Chinese refiner Unipec has stepped up its purchases late in the month's trading cycle, buying supplies of Congolese CoCo crude and Gabonese Rabi Light.

(Reuters - Reporting by Noah Browning; editing by David Evans)

Current News

Equinor Granted Permission for Two Extensions in Britain

Equinor Granted Permission for

Balmoral Comtec Expands Workforce Following Rosebank Win

Balmoral Comtec Expands Workfo

ONGC Hires Consortium to Deliver FEED Work for Bay of Bengal Oil Field

ONGC Hires Consortium to Deliv

Sea Machines Launches Its First Turnkey USV

Sea Machines Launches Its Firs

Subscribe for OE Digital E‑News

Offshore Engineer Magazine