Traders are flocking to the Urals crude blend because they see the Nigerian grades as relatively pricey, with traders reluctant to...
Nigerian crude grades are failing to attract buyers from Europe, China and India as traders, to cut cost, shift to a blend of WTI and Brazilian grades as a substitute for the country’s highly sought-after sweet crude., Forcados and Brass, have a reputation for being light in sulphur, a quality that has made them the darling of refineries in Europe and Asia.
That had driven Nigeria’s premium grade Bonny Light to 50 cents per barrel discount to Dated Brent on 6 June. The development adds more pain to the woes of Nigeria, where output hit a multi-decade low of below 1 million barrels a day last year. Already, the nation has struggled to contain incidents of oil theft on a grand scale in the far south which sapped as much as $1 billion from the government’s revenue in the first quarter of the year.
On account of a price ceiling placed on the crude oil from Russia following its war with Ukraine, which has made the grade cheaper, African crude graders are struggling to find patronage from refiners in Asia, outsold by the Urals crude.“I don’t think Nigeria can sustain competition with WTI Midland mixed with Brazil, it’s been a long time now since we have seen Europe able to absorb Nigerian exports,” a source told S&P Global Commodity Insights.
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