ABUJA, Aug 4 – Nigeria’s state-owned oil company, NNPC, has offered new September export cargoes of Cawthorne crude and Bonny Light crude, according to tender documents seen by Reuters.
The documents show that the Cawthorne cargo will load between September 21 and 22 and will carry 950,000 barrels. NNPC is also offering a 950,000-barrel cargo of Bonny Light, scheduled to load between September 30 and October 1.
Cawthorne, Nigeria’s newest crude grade, was first exported in March. It joins newer grades such as Nembe and Utapate as the country works to increase oil production and expand its export options after years of underinvestment, oil theft and operational challenges.
Both cargoes are being sold on a free-on-board basis, with bids due by 8 p.m. West Africa Time (1900 GMT) on August 4. NNPC did not immediately respond to Reuters’ request for comment.
A preliminary loading programme seen by Reuters shows that the Bonny Light production stream is expected to load about 364,000 barrels per day across 12 cargoes during the period.
Meanwhile, traders said sellers of West African crude have started raising offer prices in recent trading sessions as supply disruptions continue in the Middle East.
Despite the higher prices, trading activity has remained slow as buyers and sellers wait for more certainty over developments around the Strait of Hormuz and the Red Sea, two key global shipping routes that continue to influence oil market sentiment.
