NNPC introduces a New Low-Sulfur Crude for European market

A new low-sulfur crude grade called “Nembe” has been introduced by NNPC Ltd, marking the company’s most recent strategic move in the global oil market.
The company’s determined efforts to target the European market with this new offering are indicated by this development, which was disclosed by a top NNPC executive in a Reuters interview.
Other well-known Nigerian crude blends including Forcados, Egina, and Bonga are comparable in composition to Nembe. At London’s Argus European Crude Conference, Maryamu Idris, NNPC Trading’s executive director of crude and condensate, disclosed this information.
NNPC noted that Nembe has a competitive advantage over other crude oils on the European market, claiming that it can compete with oil from Azerbaijan and Brazil.
Nembe’s launch coincides with a critical juncture in Nigeria’s oil industry as it struggles with changes to production caps. Nigeria’s allotted quota was 1.742 million barrels per day (bpd) earlier this year.
However, following negotiations at the OPEC+ meeting in early June, Nigeria’s production quota was revised down to 1.38 million bpd due to significant underproduction surpassing 400,000 bpd.
With the introduction of Nembe, Nigeria decided to diversify its crude portfolio, indicating a calculated move to increase its competitiveness internationally and establish a stronger presence in the European market.
NNPC’s strategic action demonstrates the company’s resolve to adapt to changing market conditions and strengthen its position in the global energy landscape as the dynamics of the oil industry continue to change.

Source: allnewsng.com

EntekHub.com

All Author Posts