The Nigerian National Petroleum Company (NNPC) Limited has revealed that Nigeria’s crude oil grades have become the top choice for European refiners. This information was shared by Maryamu Idris, the Executive Director of Crude Oil and Condensate at NNPC Trading Limited during a panel presentation at the Argus European crude conference in London, United Kingdom.
According to Idris, Nigeria’s crude oil flow to Europe increased following the ban on Russian crude, which created a supply gap. She noted that six months before the conflict, 678,000 barrels per day (bpd) of Nigerian crude grades were sent to Europe. However, this figure rose to 710,000 bpd six months later and has reached 730,000 bpd so far this year.
Idris stated, “This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners.”
She further explained that several Nigerian distillate-rich grades have gained favor with European refiners, especially due to the absence of Russian Urals and diesel. Notable Nigerian crude grades in demand include Forcados Blend, Escravos Light, Bonga, Egina, and the latest addition, Nembe Crude.
Idris also pointed out that the conflict in Ukraine had an impact on Nigeria’s crude exports to India. She mentioned that Nigeria’s crude exports to India decreased from around 250,000 bpd in the six months before the invasion of Ukraine in February 2022 to 194,000 bpd in the subsequent six months. So far this year, only approximately 120,000 bpd of Nigerian crude volumes have made their way to India.
To further strengthen production growth, NNPC Limited is focusing on boosting investment in the coming year. Idris emphasized that NNPC Limited is collaborating with host communities and private stakeholders to address security and environmental challenges in the Niger Delta region. This effort aims to fortify the growth of oil production.