NNPC Raises Official Selling Prices for March Crude
Nigerian state oil corp. has raised official selling prices for March crude while offers for the remaining cargoes of March-loading crude were under pressure from sluggish European demand.
On Tuesday, Nigerian National Petroleum Corporation, NNPC, made an upward adjustment to its March official selling prices (OSPs) for Bonny Light crude to dated Brent plus $1.93 from 75 cents the previous month and for Qua Iboe to plus $2.16 cents a barrel, up from $1.06.
The increase represents a sharp rise in sale prices for much of the earlier part of the March-loading period, but sales have cooled after Asian buyers secured their volumes more than two weeks ago.
Europe is more reluctant to meet still relatively high offers as backwardation and freight rates weigh. About three cargoes of March-loading Angolan crude have yet to find buyers, including one from the Girassol stream, which was last offered at just below dated Brent plus $3.
Taiwanese refiner CPC closed a buy tender for sweet crude arriving in May, but results did not immediately emerge.
There is no need for OPEC+ to expand its oil production increases, Nigeria’s petroleum minister said on Tuesday, because a deal between Iran and world powers would increase supplies. # NNPC Raises Official Selling Prices for March Crude
