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    Nigerian oil sells for lower as Angola dominates

    Chronicle EditorBy Chronicle EditorApril 16, 2019No Comments2 Mins Read
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    Emmanuel Ibe Kachikwu, Minister of State for Petroleum
    Emmanuel Ibe Kachikwu, Minister of State for Petroleum

    Buyers of Nigerian oil are said to be buying cargoes for less than relatively high offering prices even as Angola’s May loading cargoes were almost sold out by Monday.

    The sale of Angola’s oil is just ahead of the release of the June loading programme expected this week.

    Major grades Bonny Light and Qua Iboe continued to be indicated at or above a $2.00 premium compared to dated Brent.

    Buyers especially in Europe have judged Nigeria prices as too high, and Exxon Mobil was heard to have recently moved a cargo of Qua for below the current indications, although details did not immediately emerge.

    Similarly, traders say Nigeria’s crude was hit because of the widening Brent-Dubai spread, which when it hit record lows earlier this year had aided shipping costs for East-bound shipments, was now making Nigerian less attractive there as well and could push differentials down.

    READ: Bandits injure two policemen in Asaba, steal their rifles

    Meanwhile, Equinor was heard to have issued a sell tender for a cargo of Pazflor, believed to be among the last in the market for May loading.

    Differentials for Angolan again touched near all-time highs this month on strong Asian demand for heavy-medium grades suitable for refining into middle distillates, as US sanctions pushed comparable Iranian and Venezuelan crude out of markets.

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    Obi joins forces with Aregbesola, Mark as ADC becomes coalition’s 2027 election platform

    ADC will dismantle party that kept Nigerians in poverty, insecurity – Obi

    Desperados for power': Onanuga slams ADC defectors, says APC won’t miss them

    Onanuga slams ADC defectors, labels coalition a gathering of “desperados”

    Obi joins forces with Aregbesola, Mark as ADC becomes coalition’s 2027 election platform

    Obi joins forces with Aregbesola, Mark as ADC becomes coalition’s 2027 election platform

    Desperados for power': Onanuga slams ADC defectors, says APC won’t miss them

    ‘Desperados for power’: Onanuga slams ADC defectors, says APC won’t miss them

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

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    Obi joins forces with Aregbesola, Mark as ADC becomes coalition’s 2027 election platform

    ADC will dismantle party that kept Nigerians in poverty, insecurity – Obi

    July 3, 2025
    Desperados for power': Onanuga slams ADC defectors, says APC won’t miss them

    Onanuga slams ADC defectors, labels coalition a gathering of “desperados”

    July 3, 2025
    Obi joins forces with Aregbesola, Mark as ADC becomes coalition’s 2027 election platform

    Obi joins forces with Aregbesola, Mark as ADC becomes coalition’s 2027 election platform

    July 3, 2025
    Desperados for power': Onanuga slams ADC defectors, says APC won’t miss them

    ‘Desperados for power’: Onanuga slams ADC defectors, says APC won’t miss them

    July 3, 2025
    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    July 2, 2025
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