Nigerian Crude Oil Gets Costlier on Strong Buying Interest

The prices at which Nigeria’s key crude oil grades were sold increased last month on the back of strong buying interest from European and Asia Pacific refiners, according to the Organization of the Petroleum Exporting Countries.

Crude differentials of Bonny Light, Forcados and Qua Iboe rose on a monthly average in September by 34¢, $1.61 and 16¢ per barrel, respectively, to stand at premiums of $2.76, $4.11 and $3.52, OPEC said in a new report.

“West African crude also rose firmly last month on strong buying interest from European and Asia Pacific refiners for October loading volumes. Strong sour crude values also prompted buyers to take more sweet crude volumes,” it said.

Crude oil production in Nigeria jumped to 1.35 million barrels per day from 1.18 million bpd in August, based on direct communication.

According to secondary sources, OPEC’s crude oil production averaged 27.75 million bpd in September, higher by 273,000 bpd compared to the previous month.

“Crude oil output increased mainly in Nigeria, Saudi Arabia and Kuwait, while production in Venezuela and Equatorial Guinea decreased,” the group said.

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