Nigeria Reportedly to Start Exporting New Crude Grade in March
Nigeria Reportedly to Start Exporting New Crude Grade in March
Shipments of the new Cawthorne crude grade are scheduled to begin in the second half of March as the country works to increase oil production and strengthen its position in global energy markets, a Western news agency reported, citing an NNPC spokesperson.
The new grade is described as a light, high-quality crude similar to Nigeria’s well-known premium blends and is expected to attract international buyers. It will be loaded through a floating storage vessel with a capacity of about 2 million barrels.
The country is already producing close to its OPEC+ quota and is among those seeking a higher output target within the group. Its current OPEC+ crude quota stands at 1.5 million barrels per day, while production reached about 1.48 million barrels per day in January, according to OPEC data.
The development forms part of efforts to gradually raise national output after years of disruptions, including oil theft and infrastructure constraints.
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