Nigerian official crude selling prices published, lag asking prices


LONDON, Nov 21 – Price differentials for Nigerian
light sweet grades continued at multi-year highs even as
official selling prices published on Wednesday were more modest.

* Nigeria’s NNPC raised December official selling prices
(OSPs) for Bonny Light 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.
* Both grades were last offered at around at least $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.
* Nigeria’s Nembe Creek oil 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.
* Around 20 Nigerian cargoes were still available from the
December programme, traders said, though sellers expected a
smaller glut given higher prices and demand, even if it is
relatively small compared with previous months.
* European gasoline 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 last couple of Angolan crude oil cargoes for export in
December were heard to have sold as term allocations for the
January preliminary programme were finalised.

* Indian Oil Corp is running two tenders. One is for crude
loading in the last 10 days of January and the is other for
cargoes loading at the end of December, set to close on

* Exxon Mobil is accelerating its biggest asset
sales in decades with plans to divest up to $25 billion of oil
and gas fields in Europe, Asia and Africa as it sharpens its
focus on a handful of mega projects at home and abroad, banking
sources said.
* Russia is about to complete a fresh expansion of its oil
pipelines to the Pacific coast that will cement its role as a
top Asian supplier and allow it to ship a third of its total oil
exports to Asia-Pacific markets.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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