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.