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

CNOOC’s South China Sea Oil Field Goes On Stream

China’s CNOOC Brings Bohai Sea Oil Field On Stream

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Valeura Boosts Production at Jasmine Field with Five New Wells Now Onstream

Velesto’s Drilling Rigs Up for Automatization Overhaul Under New Tech Alliance

Seatrium Delivers Fifth Jack-Up to Borr Drilling

CNOOC Starts Production at Another Oil Field in South China Sea

Korea's Hanwha Raises Offer for Singapore's Dyna-Mac Takeover

CNOOC Starts Production from Deepwater Gas Project in South China Sea

SBM Offshore’s FPSO for ExxonMobil’s Guyana Oil Project Takes Final Shape (Video)

Current News

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

Petronas to Retain National Authority After Sarawak Gas Deal

Yinson Production Scoops $1B Investment to Upscale FPSO Business

Petronas Greenlights Hidayah Field Development Off Indonesia

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

US Operator Finds Oil Offshore Vietnam

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

CNOOC’s South China Sea Oil Field Goes On Stream

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