The Nigerian National Petroleum Company Limited (NNPC Ltd) has provided insight into how the lingering Russia-Ukraine war impacted Nigerian crude oil inflows in the international oil market.
The NNPC Ltd. said this led to a dip in demand from the once-dependable Asian market at the onset of hostilities in the Eastern bloc.
According to Idris, in addition to the substantial price shocks impacting commodity and energy prices globally, the conflict triggered a situation where India, a primary destination for Nigerian grades, increased its appetite for discounted Russian barrels.“To illustrate the extent of this shift, Nigeria’s crude exports to India dwindled from approximately 250,000 barrels per day in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterwards.
She explained that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year. “This was a strong factor behind our choice of London and the Argus European Crude Conference as the most ideal launch hub for the grade,” Idris said.
According to her, NNPC Limited has secured vital partnerships with notable financial institutions to promote upstream investments to restore and sustainably grow production capacity in the coming years.
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