Free Trial

Nigeria Adds New Oil Grade

OIL

Nigeria has added a new crude grade known as Utapate, as it looks to return output to pre-pandemic levels of over 2m b/d, Bloomberg said.

  • A subsidiary of NNPC loaded the first export cargo July 24, sources said.
  • Utapate is a light sweet grade from the Niger Delta region and the Utapate terminal produces almost 19k b/d in June, Bloomberg said.
  • Output of the grade could reach 50k b/d by 2024 year-end.
  • Nigeria’s current crude output is around 1.5m b/d.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.