Lagos — About 20 Nigerian crude oil cargoes were still available from the December programme as at weekend, according to Reuters report, quoting traders.
The report on Friday, however, indicated that sellers expected a smaller glut given higher prices and demand, even if it is
relatively small compared with previous months.
Reuters also reported that price differentials for Nigerian light sweet grades continued at multi-year highs even as official selling prices published on Wednesday last week were more modest.
“Nigeria’s NNPC raised December official selling prices (OSPs) for Bonny Light to dated Brent plus 128 cents, from plus 58 cents in November, and Qua Iboe crude oil to 150 cents from 63 cents per barrel last month.
“Both grades were last offered at around at least $3.50 above dated Brent and selling for the highest prices since at least 2014 amid a similar spike for Azeri and North Sea crude.
“Nigeria’s Nembe Creek oil trunk pipeline that contributes to Bonny Light crude suffered a shutdown last week, which traders said were causing days-long delays to loading, though no force majeure is in place,” it reported.