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

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

TotalEnergies Inks 10-Year LNG Supply Deal with South Korea’s KOGAS

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

CNOOC Starts Production at Offshore Field in South China Sea

Current News

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

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