Nigerian crude differentials boosted by North Sea, Libya outages

December 30, 2017

Problems that cut exports from Libya and the North Sea have supported differentials for light sweet West African oil, Reuters reports.

Nigerian oil, particularly light grades such as Bonny and Qua Iboe, were supported by a pipeline blast that cut exports from Libya by 80,000-100,000 barrels per day (bpd).

Qua Iboe was offered at dated Brent plus $1.90 per barrel. Exxon was also offering February loading Usan at 25 cent premiums to Brent. Chevron had sold a cargo of Agbami, but neither the buyer nor the differential were immediately clear.

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