NewStats: 3,260,820 , 8,172,705 topics. Date: Tuesday, 27 May 2025 at 06:42 PM 2i1d

Traders are flocking to the Urals crude blend because they see the Nigerian grades as relatively pricey, with traders reluctant to offload the country’s cargoes.

Nigerian crude grades are failing to attract buyers from Europe, China and India as traders, to cut cost, shift to a blend of WTI (the main oil benchmark for North America) and Brazilian grades as a substitute for the country’s highly sought-after sweet crude.

Top crude grades of Africa’s biggest oil producer, Bonny Light, 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.

But traders are flocking to the Urals crude blend because they see the Nigerian grades as relatively pricey, with traders reluctant to offload the country’s cargoes, according to S&P Global Commodity Insights.

That had driven Nigeria’s grade Bonny Light to 50 cents per barrel discount to Dated Brent on 6 June.

“WAF (West Africa) is losing out to alternatives in Europe – WTI, Midland and Brazilian grades have been consistently undercutting differentials, and sellers of Nigerian barrels just cannot find demand in Europe,” the research house said, quoting a source.

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.

That production level is less than half of the country’s current daily capacity of 2.2 million barrels.

On 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.

It comes as an early blow to plans by newly-inaugurated President Bola Tinubu to bolster production and buck up oil earnings, at a time the government is spending nearly everything it earns to service debt.

President Tinubu had promised in his manifesto ahead of the February presidential election to scale up Nigeria’s daily output to 2.6 million barrels by 2027 and 4 million come 2030.

That compares to April’s production (condensate inclusive), which fell 17.8 per cent to 1.25 million bpd.

“Nigerian producers have to lower prices to compete,” said Uwadiae Osadiaye, a chartered financial analyst with Lagos-based FBNQuest.

https://www.timesng.com/business/business-news/603402-nigerian-crude-takes-new-hit-as-buyers-turn-to-cheaper-russian-grade.html

Jagaban borgu will do something about it, I trust him👍

Tinubu is working.

Nigeria will be awash with crude and Dangote will refine it into petroleum, and some day in the future somewhere we shall anoint him Messiah and God, of petrol, at least.

Guuvfdgxfuiiiuhfdxcvcdd

But Agbadorians rodents said Putin Loves Thiefnubuu more than Biden sef.

They said thiefnubuu, with his body odour will make NIGERIA great, but they are all buying fuel at #500/liter

Truly, to be an Agbadorian,the brain must be the size of a CORN seed

Peter Obi

Dollar crashes to 600 naira in black market after Tinubu removed Emefiele

Na to dey drink our fuel now,abi?


Mono-economy

They should stop buying Nigeria crude oil.

Crude oil is the curse holding this failure of a country together.

Remove the crude and see how this country divides in no time and without bloodshed.

Basically, I blame APC for not diversifying our economy for the past 8 years.

Something they told us they would do, they no gree. See where we are.

doming0:
Dollar crashes to 600 naira in black market after Tinubu removed Emefiele

Source

God bless Asiwaju Bola Ahmed Tinubu

Osariemen12:
Death to all Tinubu ers.

Seun
mynd44

We need to stop this hate Before it turn to something else. It's no longer funny when some people are wishing others death ☠️ just because u are not thier brother

Kindly take necessary action

Thanks

ok

ijustdey:
Traders are flocking to the Urals crude blend because they see the Nigerian grades as relatively pricey, with traders reluctant to offload the country’s cargoes.




https://www.timesng.com/business/business-news/603402-nigerian-crude-takes-new-hit-as-buyers-turn-to-cheaper-russian-grade.html

Could this mean a price reduction is imminent?

This will be their excuse for another 4 years of APC/tinubu failure

f

h

...but are most of these countries mentioned, supposed to buy from Russia ?

This oil has been a problem to us than a blessing

Another problems for PBAT to deal with.

Good riddance,time to look inward and diversify the economy,We won't live and sustain on oil(especially) forever.At least our founding fathers grew the nation with little or no from oil money..
Time to diversify .

ijustdey:
Traders are flocking to the Urals crude blend because they see the Nigerian grades as relatively pricey, with traders reluctant to offload the country’s cargoes.




https://www.timesng.com/business/business-news/603402-nigerian-crude-takes-new-hit-as-buyers-turn-to-cheaper-russian-grade.html

we never think of improving what we have, beyond what's currently in existence. our own na follow follow and most times, way behind in following

K