Bonny Light Sees Surge in Demand Following Nigeria’s Enhanced Refining Capacity

Nigeria’s top crude grades are in high demand this week due to the country’s strong refining capacity and January’s export schedules, indicating increased demand for Bonny Light crude.

Nigerian crude prices approached $74 per barrel on Wednesday as tensions in the Middle East eased.

Brass River, Bonny Light, and Qua Iboe are significantly more expensive than the current Brent contract, which is just over $73.7 per barrel.

The new January loading schedules are generating buzz for Nigerian crude, especially Bonny Light.

Major Nigerian grades like Qua Iboe, Bonny Light, Bonga, and Forcados are expected to increase exports from 770,000 barrels per day to 841,000 barrels per day later this year.

The resurgence of Nigerian refineries and increased exports signal a significant shift in the global oil supply landscape.

Brent crude futures hit $72 a barrel, down 20 basis points by 6:30 a.m. Nigerian time, while West Texas Intermediate crude futures fell 0.2 percent to settle at $68.58 per barrel.

The Port Harcourt Refinery, once dormant, is now operational and will begin loading products daily, as announced by the Nigerian National Petroleum Company Limited. Trucks started loading petroleum products on Tuesday, including household kerosene, automotive gas oil, and premium motor spirit.

Sponsored

Share the Post:

Related Posts

Sponsored

Join Our Newsletter