NNPC Tender for September Crude Cargoes
Nigeria's state oil company, the Nigeria National Petroleum Corporation (NNPC), issued a tender for two September‑loading crude cargoes. The first is a 950,000‑barrel Cawthorne cargo slated to load between 21 and 22 September, and the second is a 950,000‑barrel Bonny Light cargo scheduled for loading from 30 September to 1 October. Bids for both cargoes are required by 8 p.m. West Africa Time on the Tuesday following the announcement.
Existing August Cargo Availability
A trader reported that approximately twenty West African crude cargoes scheduled for August loading remain available for purchase, indicating continued supply in the region despite the upcoming September offers.
Qua Iboe Pricing
On the preceding Friday, NNPC offered Nigerian Qua Iboe crude for loading on 6‑7 September at a price of dated Brent plus US$6.00 per barrel.
Market Context and Pricing Pressure
Sellers of West African crude grades have begun raising their offer prices in recent sessions, attributing the increase to growing supply disruptions in the Middle East. Trading activity has stayed limited as market participants await further information on the unstable situation in the Strait of Hormuz and the Red Sea.
Indian Oil Corporation Response
Anuj Jain, head of finance at Indian Oil Corporation, stated that the company has increased its purchases of West African and Latin American crude oil to compensate for the Middle Eastern supply disruptions.