Nigerian producers eye India’s new-found appetite for US crude

12 Oct 2017   Nigeria, USA

The competition that Nigerian crude oil cargoes has faced from US crude oil grades in Northwest Europe over the past two years has begun to expand into other regions, according to trading sources. Largest buyer of Nigerian oil India importing more US oil NNPC pragmatic on US crude threat Since the US crude export ban was lifted in December 2015, there has been a gradual increase in shipments of US barrels to Northwest European and Mediterranean refiners, with the flow increasing sharply in recent weeks due to a wider Brent/WTI futures spread. As Northwest Europe is a major demand center for Nigerian light sweet barrels, this could be a rather bearish development for Nigerian differentials. In recent weeks, this competition has also extended east, with India increasingly looking to the US for its crude oil buy tenders. India is the largest buyer of Nigerian crude and as such plays […]

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