November 11, 2023 [Vanguard]- THE Nigerian National Petroleum Company, NNPC Limited, yesterday, said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe.
The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus European crude conference in London, United Kingdom.
She noted that the nation’s crude flow to Europe increased after the ban on Russian crude caused a supply gap, adding that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.
Idris said: “This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners,” Idris said.
“Several Nigerian distillate-rich grades have become a steady preference for many European refiners, given the absence of Russian Urals and diesel. Forcados Blend, Escravos Light, Bonga, and Egina appear to be the most popular, and our latest addition — Nembe Crude – fits well into this basket.”
Idris noted that Russian crude affected Nigeria’s crude export to India, stressing, “To illustrate the extent of this shift, Nigeria’s crude exports to India dwindled from approximately 250,000 barrels per day (bpd) in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterwards.
“And so far, this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India.”
According to her, the NNPC limited has positioned itself to boost investment in the coming year, explaining, “NNPC Limited is championing concerted efforts in partnership with host communities and private stakeholders to address the security and environmental challenges in the Niger Delta to further fortify production growth.
“We have already begun seeing significant progress on the rebound. In September 2023, Nigeria recorded its highest crude oil and condensate output in nearly two years, reaching 1.72 million barrels per day.”
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