Portugal, others set to trade Nigerian crude oil first time
Nigerian crude
cargoes found their way to Portugal for the first time this year, crude
export destination data released by the Nigerian National Petroleum
Corporation (NNPC) showed.
Around 948,000 barrels of Nigerian
crude was exported to the Western European country in May 2017, the
latest NNPC report also showed.
The last time
shipments of Nigerian crude oil called at Portuguese ports were in
November last year and around 996,000 barrels crude was offloaded.
The report also showed that West
African neighbour Cameroon also bought 700,000 barrels of Nigerian crude
grades for the first time that same month after halting Nigerian crude
import five months earlier.
Similarly, Nigerian crude export to
far East Asia for that month was boosted by the resumption of import by
Malaysia, according to the data.
The country bought 1.9 million
barrels of Nigerian crude in January 2017 but didn’t order for it again
until May when 948,000 barrels of Nigerian crude were shipped to the
country.
Exports of Nigerian crude, described
as light and sweet and hot cake in the market, has seen a resurgence in
recent times following steady resumption in production after a respite
in attacks by militants in Niger Delta where Nigeria’s oil is produced.
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