Oil and Gas

Bonny light Crude: Nigeria raises term prices, trims Qua loading to comply with OPEC agreement

Bobby light Crude: Nigeria raises term prices, trims Qua loading to comply with OPEC agreement

Nigeria has issued its official selling prices and started to issue its latest loading programmes on Tuesday, while spot trading of August-loading Angolan crude got under way.

Nigeria raised its July official selling prices for Bonny Light and Qua Iboe crude to dated Brent plus 19 cents and plus 22 cents per barrel, respectively, reflecting a stronger market.

Also, Nigeria’s loading programmes for August deliveries has started to emerge and point to lower supply, in line with the country’s commitment to cut output further following an OPEC-led supply cut deal. The Qua Iboe stream will load just six cargoes.

Bonny Light and Qua Iboe were still being offered at dated Brent plus 50 cents to $1.00, depending on loading dates, a trader stated according to Reuters News report.

About the author

Joseph Chukwuma Oputa

Joseph Chukwuma Oputa is the Managing Editor of Maslow Businessnews and Physicians News publications published by Maslow Business News Publications, Lagos, Nigeria.

Joseph Oputa is a proud Alumnus of the prestigious Nigerian Institute of Journalism, Lagos and Federal Polytechnic, Bida, Niger State.

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