Russia-Ukraine conflict don cause shortage for demand of Nigeria crude – NNPCL
“Nigerian National Petroleum Company Limited (NNPCL) don yan say the Russia-Ukraine crisis don reduce the demand for Nigerian crude from the wey dem dey depend on for Asia.
Dem talk say India, wey be one of the main place wey dey buy Nigerian crude, don dey choose to dey buy Russia crude wey dem dey sell at cheaper price, and this one no dey good for Nigeria.
Executive Director for Crude & Condensate for NNPC Trading Limited, Maryamu Idris, talk this one for one conference for London. She say, ‘Make I give you example, Nigeria’s crude way dem dey export to India don drop from around 250,000 barrels per day for the six months before Russia go Ukraine for February 2022, to 194,000 for the six months wey follow, and so far for this year, only around 120,000 barrels per day of Nigerian crude dey go India.’
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She talk say the demand for Nigerian crude for Europe don increase to help cover the gap wey Russia crude ban don cause. Also, she say, ‘Six months before the war, 678,000 barrels per day of Nigerian crude wey get different grades dey go Europe. However, e don reach 710,000 barrels per day for the six months after the war, and 730,000 barrels per day so far this year.’
She yan say, ‘This trend show say Nigerian crude don dey important for Europe as dem dey use am replace Russia Urals and diesel. Dem dey like different Nigerian distillate-rich grades like Forcados Blend, Escravos Light, Bonga, Egina, and their latest addition wey be Nembe Crude. She yan say the choice to launch the grade for London and Argus European Crude Conference na because the crude blend dey popular for Europe.’
She still yan about the wahala wey Nigeria get for oil production, she talk say, ‘Like many other countries wey dey produce oil, Nigeria get wahala for production, and the COVID-19 pandemic come worsen am. The pandemic come reduce the money wey dem dey put for upstream sector, e come affect the way dem dey take supply the oil wey dem dey find, e come dey make the oil field wey dem get dey old, and e dey make people dey thief oil well well.
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