NNPC increases selling prices for crude oil

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The Nigerian National Petroleum Corporation has raised December official selling prices for several of the nation’s crude oil grades.

Reuters reported that price differentials for Nigerian light sweet grades continued at multi-year highs even as official selling prices published on Wednesday were more modest.

According to the report, the selling price for Bonny Light was raised 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.

It said both grades were last offered at around $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.

The Nembe Creek 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.

The NCTL, which is 100km long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil Terminal.

Traders were quoted as saying around 20 Nigerian cargoes were still available from the December programme, although sellers expected a smaller glut given higher prices and demand, even if it is relatively small compared with previous months.

According to the report, European petrol cracks have nudged up this week, buoying demand, while demand for sweeter oil more generally has risen worldwide ahead of new global shipping rules

The Punch

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