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Nigeria's NNPC Aims to Regain Asian Oil Market Share

OIL

Nigeria’s NNPC aims to regain market share in Asia according to Maryamu Idris, executive director for crude and condensate at NNPC Trading at the Argus European Crude Conference.

  • Prior to the pandemic, it exported crude to China, Vietnam, India and Australia amongst others.
  • India has slashed demand for Nigerian oil because of Urals flows.
  • European refineries have been taking more Forcados and Egina due to their distillate content, Idris said.
  • October survey’s showed Nigeria produces roughly 1.5 million bpd, up from 1.39 million bpd in September, according to OPEC figures. But the country hopes to ramp up production to about 1.8 million bpd by the end of 2023 according to NNPC sources.
Energy BulletsCommodities
Energy BulletsCommodities

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