Observation of the petroleum trading market shows that the attack on two Saudi Arabian oil facilities has so far had ‘little’ impact on Nigeria’s crude oil export.
According to Reuters, a surge is expected in demand for Nigerian grades Kwa Ibo and Bonny Light this week.
The news agency however, maintains that there has been no serious change in price.
The two Nigerian grades are still trading as normal — $3.00 above Brent crude.
Latest data from oilprice shows that Brent is selling at $64.58 per barrel, meaning that Kwa Ibo and Bonny Light would be going for a premium price of $67.58.
Saudi Arabia’s customers have however, been informed that only its more dense oil are available for sale at the moment, stating that regular shipment of light oil will resume by October at the latest.
Nigeria’s Kwa Ibo and Bonny Light are referred as sweet oil because they are light and preferable for refinement into diesel.
The United States, a major trading partner with Saudi Arabia, has pinned more sanctions on Iran, the latest falling on the country’s apex bank.
Iran has however, continued to insist it was not responsible for the drone strikes on the Abqaiq and Khurais oil fields.
The Houthi rebels, who claimed responsibility for the attack, said Riyadh is lying about the extent of the damage on its oil facilities.
The Saudi military last week said that 18 drones and seven missiles were launched at the two oil fields, adding that the attacks took out about 5.7m barrels of oil per day from global oil supplies — five per cent of global oil consumption.