Nigeria: NNPC Increases Crude Export Prices

The Nigerian National Petroleum Corporation (NNPC) has increased the official selling prices for all crude exports loading for August.

According to the official price list of the corporation, Nigeria’s benchmark crude grades, Bonny Light and Qua Iboe, were each raised 40 cents a barrel to a premium of N2.60 over Dated Brent, while the premium for Forcados oil was increased 30 cents to $2.20 a barrel. Nigerian oil is priced in relation to Dated Brent, a formula based on the cost of four blends from the North Sea.
(snip)

Nigeria is Africa’s biggest oil producer, and the world’s sixth crude oil exporter. Normally, the country produces about 2,5 million barrels of oil daily, but the protracted crisis in the Niger Delta region, which culminated in the vandalism of crude pipelines, has resulted in the lose of about 700,000 barrel per day, that is about 1/3 of the daily production quota.

allAfrica