India’s Oil Corporation (IOC) has strategically acquired West African crude, including Nigerian Agbami and Angolan Nemba grades, alongside some WTI crude, showcasing robust demand for Nigerian crude, particularly in Europe.
This interest is driven by the logistical advantage that these oils do not require crossing the Red Sea. With approximately 10 Nigerian cargoes available for February and 30 for March, the market remains active.
Notably, Nigerian Bonny Light is commanding premium prices, with offers for end-February cargoes at dated Brent plus $2.20 a barrel, while other grades like Escravos and Forcados are seeing even higher premiums.
