After flows of Nigerian crude to the US during past June and July were partly driven by high prices for domestic light sweet crudes, in September a few Nigerian cargoes were heading to US refineries, according to a trading quoted by US-based energy publication Platts.
Specifically, two Nigerian grades, including at least two cargoes of flagship crude Qua Iboe as well as Bonga, were going to US east coast refineries as well potentially down to the US Gulf Coast. “It is bits and pieces, not massive flows,” a crude trader said, Business Day published.
Exports of Nigeria’s major crude grade, began declining rapidly from July 2014 to zero level by the end of last year following increased shale oil production by the US.
India and Europe have emerged as the largest markets for Nigerian crude, while the OPEC member still struggles to dispose of its oil to the US leading to a growing overhang of unsold Nigerian cargoes but there seems to be changing fortunes for the country’s crude, Daily Trust reported.