Nigeria’s Oil Dips $3 as Demand from Europe, India Soften

Nigeria’s Oil Dips $3 as Demand from Europe, India Soften

Nigeria’s oil grades have been priced downward by $3 per barrel as demand from European countries as well as India soften price.

Meanwhile, traders awaited the release of Nigeria’s September official selling prices as export plans for some crude grades emerged and lower demand continued to weigh on offer prices, according to Reuters.

Official selling prices were yet to be released by the Nigerian National Petroleum Corporation, as traders waited to see whether a recent retreat in sale prices would be reflected in the values.

Lower refining margins and softening demand from Europe and India have shaved around $3 a barrel off the value of some types of Nigerian crude. READ: Crude Oil Prices Edge Higher as Nigerian Grades Firm

ExxonMobil last offered a cargo of September-loading Qua Iboe crude for dated Brent plus $6.50 a barrel, down from nearly dated Brent plus $10 a barrel this time last month.

Nigeria’s Akpo and Amenam streams are due to load two cargoes each, while Agbami will load four. Saudi Arabia is projecting that the Organisation of Petroleum Exporting Countries and allies may cut production.

However, some analysts said the expectation may not be imminent and are likely to coincide with the return of Iran to oil markets should it clinch a nuclear deal with the West. #Nigeria’s Oil Dips $3 as Demand from Europe, India Soften