See Nigeria's newest crude grade heading to European market

• The Nigerian National Petroleum Company Limited is acceptable to export Nigeria’s newest crude lipid people to Europe
• The Sweet Obodo blend volition reportedly deed the European marketplace successful April wherever Nigeria sells astir of its crude
• Reports accidental the saccharine Obodo blend volition beryllium produced by Nigerian Independent Continental Oil and Gas volition nutrient Obodo from the onshore lipid artifact OML 150

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Nigeria’s newest crude lipid blend, the medium-sweet Obodo grade, volition deed the marketplace successful April.

The caller blend has a gravity of 27.65 API and a sulphur contented of 0.05pc, Argus Media reports.

Mele Kyari-led NNPC to marketplace Nigeria's newest crude lipid blend. Credit: NNPC
Source: Getty Images

Nigeria’s newest crude blend to deed the market

Sources accidental the caller people whitethorn beryllium priced alongside the Nigerian mean saccharine Bonga blend.

According to the report, Nigerian Independent Continental Oil and Gas volition nutrient Obodo from onshore lipid artifact OML 150 successful the Niger Delta area, portion the Nigerian National Petroleum Company Limited (NNPC) volition marketplace the commodity.

The newest Nigerian crude volition adhd to the increasing database of medium-sweet grades. 

The authorities lipid steadfast restarted the accumulation of a akin Utapate blend past twelvemonth aft it was launched successful Nembe successful 2023.

Nigeria's medium-sweet blends, specified arsenic Forcados, Escravos, and Bonga, person been accepted successful Europe, the largest marketplace for Nigerian crude.

Experts accidental Obodo could besides beryllium accepted with European refineries, wherever seasonal attraction is expected to extremity by April and May.

Nigeria's crude faces dilatory acceptance successful Europe

They accidental Nigerian crude faced dilatory acceptance successful the April commercialized rhythm arsenic the availability of cheaper alternatives, specified arsenic US WTI, Caspian CPC Blend and different Mediterranean grades, lured European buyers.

The commercialized rhythm has reportedly shifted to May, with 15 April loading Nigerian cargoes inactive searching for buyers.

ThisDay reports that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) outlined plans to adhd 1.07 cardinal barrels per time to Nigeria’s output by December adjacent year.

The program projects an summation successful superior successful Nigerian lipid blocks via associated ventures and production-sharing contracts.

Dangote Refinery insists connected crude lipid imports

The improvement comes arsenic Dangote and different modular refineries successful Nigeria whitethorn walk astir $8.56 cardinal to import astir 122,400,000 barrels of crude lipid successful six months to run astatine afloat capacity.

The improvement means that the refineries whitethorn walk astir $1.43 cardinal monthly connected crude imports into Nigeria amid the illness of the naira-for-crude woody betwixt the refineries and the Nigerian government.

The mega Dangote Refinery whitethorn walk the magnitude implicit the uncertainty surrounding the Domestic Crude Supply Obligation of the Nigerian government.

Legit.ng earlier reported that the naira-for-crude lipid committee failed to conscionable connected Monday, March 24, 2025, with different stakeholders to sermon the aboriginal of the deal.

The 650,000 bpd-capacity refinery has repeatedly disclosed that it was importing crude and would proceed to bash truthful arsenic it hopes to ramp up production.

Edo Refinery begins talks to bargain crude

Experts person said that with the illness of the naira-for-crude deal, the refinery volition trust much connected imported crude to conscionable its accumulation needs.

Punch reports that Edo Refinery plans to import crude to conscionable its refining needs.

The 30,000 bpd-capacity refinery has sought to acquisition crude from a US-based crude seller.

Dangote and Edo refineries to bargain 122.4mb

Findings amusement that portion different modular refineries were readying to acquisition crude, the Dangote and Edo refineries would request astir 680,000 barrels per time to run optimally.

The fig translates to 20.4 cardinal barrels successful 30 days and 122.4 cardinal barrels successful six months.

Nigeria discovers caller crude grade, moves to export to European markets. Credit: Bloomberg/Contributor
Source: Getty Images

At the mean outgo of $70 per tube for Brent crude, the 2 facilities whitethorn walk astir $8.56 cardinal successful six months to import the commodity.

Marketers endanger to merchantability substance successful dollars

Legit.ng earlier reported that petroleum lipid marketers person adjusted their pump prices amid ongoing disagreement betwixt the Nigerian National Petroleum Company Limited (NNPC) and the Dangote Refinery implicit the merchantability of crude successful naira.

Legit.ng reported that the terms adjustments came arsenic backstage depot owners accrued their prices from N850 per litre to N878.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to statesman the merchantability of petrol successful dollars if the Dangote Refinery starts selling its products successful overseas currency..

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Source: Legit.ng