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Nigeria’s crude oil demand is climbing back to pre-coronavirus levels

Nairametrics by Nairametrics
May 19, 2020
in Markets
Saudi Aramco, NNPC to collaborate to revamp dilapidated Nigerian refineries 

President Buhari and Crown Prince Salman

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Oil prices continued its rise on Tuesday as investors cheered on the news that global economies were easing down on sanctions and a vaccine to fight Covid-19 and passed a crucial test. According to several reports monitored by Nairametrics, a flurry of positive news is driving a spike in crude prices and could remain sustained till the end of the week.

As of Tuesday evening,  WTI benchmark was up +1.7% and trading at $32.36 while Nigeria’s benchmark Brent Crude was trading down at $34.44 down just 1%. It is important to note that Brent Crude is up from $29.3 which was the price last Tuesday (one week ago).

In another news, Reuters reports Nigerian sale of its Bonny Light crude also sustained its offers on Tuesday heading back to “Pre-Coronavirus levels” a positive development for the government. “Nigerian offers continued to firm on Tuesday, towards pre-coronavirus levels, though it was unclear at what level deals were taking place” Reuters reported. 

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According to the report’

  • Nigerian Forcados was being offered around dated Brent plus $1.75 a barrel and Bonny Light and Qua Iboe around plus $2
    a barrel.
  • Similarly, offers for Nigerian Egina have jumped to dated Brent plus $2.50 after lingering at dated Brent flat.
  • Results of Indian firm IOC’s latest buy tender did not immediately emerge.

Bonny Light Crude price was trading for $33.95 when we tracked on Tuesday night.


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Tags: Business NewsCrude oil pricesInternational Oil Companies (IOCs)OPEC
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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