Data gleaned from Refinitiv Eikon indicates that crude oil exports from Nigeria to Europe have been at the lowest levels in two years.
Europe has been Nigeria’s main crude oil export region with countries there importing more than 800,000 b/d of crude oil and condensate from Nigeria, accounting for 41% of the country’s export.
However, the available data now shows that the region now takes below 400, 000b/d since the onset of the coronavirus pandemic and the easing of the lockdown.
While volumes of cheaper US light oil hover near all-time highs, traders said with the US West Texas Intermediate firming in Europe to around $1 above dated Brent, and Nigerian grades at around the same, prices were coming into play.
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