The Nigerian National Petroleum Company Limited (NNPCL) has revealed that the ongoing conflict between Russia and Ukraine has had a significant impact on Nigeria's crude oil inflows in the international oil market.
This conflict has led to a decrease in demand from the previously reliable Asian market, particularly in the early stages of hostilities in the Eastern bloc. According to a statement released on Wednesday, Maryamu Idris, the Executive Director of Crude & Condensate at NNPC Trading Limited, disclosed this during a panel presentation at the Argus European Crude Conference in London.
And so far this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India,' she said. On the other side, she noted that Nigerian crude oil exports to Europe had increased to compensate for the supply gaps left by the ban on Russian crude. Prior to the war, 678,000 bpd of Nigerian crude grades were exported to Europe, and this figure grew to 710,000 bpd six months later and 730,000 bpd so far this year.