China Steps Up Purchases of Nigerian Crude

Friday, June 16, 2023

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)

Categories: Energy Activity Oil Production Asia Africa

Related Stories

Eni Advances Major Deep Water Gas Hubs with Dual FIDs

OneSubsea Bags Third PTTEP Subsea Systems Contract in One Year

Oil Drops 7% After Trump Predicts War Could End Soon

Valeura Lifts Output with Three Producing Wells at Thailand’s Manora Field

Governments Move to Shield Economies as Oil Jumps 25%

Velesto Inks Five-Year Drilling Deal for Jack-Up Rig with Petronas

Oil Up 8% as Middle Eastern War Rages

Inpex Eyes Mid-Year Bids for $21B Indonesia LNG Project

CNOOC Launches New Offshore Oil Development in Southern China

EnQuest Set to Top 2025 Production Forecast on Southeast Asia Gains

Current News

Offshore Vietnam: Energy Imports Rise as Domestic Production Falls

Eni Advances Major Deep Water Gas Hubs with Dual FIDs

Eni Advances Angola Gas Project, Secures $9B Credit Facility

TVO Customizes Tethered BOP Technology

Eni: New Gas Discoveries in Libya

Petronas Makes New Hydrocarbon Discovery in Southeast Asia

PTTEP Picks Everllence Compressors for Thailand’s Offshore CCS Project

IEA Unleashes Record 400M Barrel Oil Stockpile Release Amid Iran War Disruptions

OneSubsea Bags Third PTTEP Subsea Systems Contract in One Year

Iran War Exposes Risks of Fossil Fuel Dependence

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com