W Africa Crude: Nigeria sharply raises official selling prices

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CBN

W Africa Crude: Nigeria sharply raises official selling prices - Markets -  Business Recorder

 

 

Nigeria raised its crude official selling prices (OSPs) for December on Tuesday while more January export plans were awaited from Africa’s top producer.

Nigeria’s state oil company increased its December official selling prices for Bonny Light to dated Brent plus 33 cents per barrel from minus 64 cents last month and for Qua Iboe to plus 40 from minus 22 cents last month.

Opinions from traders on the hike were mixed, with some saying they were in line with recent sales prices and others saying they reflected inflated expectations from sellers.

Shell sold a cargo of Nigeria Escravos crude to Turkish refiner Tupras for delivery at the beginning of December.

Angolan state oil company Sonangol made its first offers of January-loading crude, with a cargo of Dalia last offered for dated Brent plus 95 cents and Girassol for $1.65.

Potential sellers viewed offers from West Africa as among the least economical of any oil-exporting region recently and expected differentials to come down soon.

Indonesia’s Pertamina was running a buy tender for December-loading crude set to close on Thursday.

Taiwan’s CPC closed a buy tender for February-arriving sweet crude, but results were not immediately known.

India’s crude oil imports in October climbed from last year as consumption in the world’s third-largest oil consumer and importer continued its rebound toward pre-pandemic levels, government data showed on Tuesday.

The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for crude oil.

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