Platts proposes to launch Nembe, Okwuibome FOB Nigeria crude assessments

Platts, part of S&P Global Energy, proposes to launch daily spot assessments for Nigerian crude grades Nembe and Okwuibome on a FOB Nigeria basis, effective Feb. 2, 2026.

The Nembe and Okwuibome FOB Nigeria assessments would reflect standard cargoes of 950,000 barrels loading 25-55 days ahead and pricing five days after bill of lading as standard. This follows the same assessment period and pricing basis as Platts' existing West African crude oil spot assessments.

Platts would publish bids and offers for cargoes of 950,000-1.05 million barrels inclusive. Sizes above 950,000 barrels may be subject to normalization when considered in the assessment.

The new assessments would reflect a 1630 London time stamp and follow the London publishing schedule.

Both Nembe and Okwuibome would be assessed as a differential to the 30-60 day forward Dated Brent strip and published as an outright price.

Nembe and Okwuibome have sulfur contents of 0.14% and 0.079% and API Gravity readings of 29.3 and 42.1, respectively, according to assays seen by Platts.

The new assessments will complement Platts' existing suite of evaluations for West African crudes, which are featured in the PCR1230 and PCR1231 fixed pages, as well as in Crude Oil Marketwire.

Please send all feedback, comments or questions to europe_crude@spglobal.com and pricegroup@spglobal.com by Jan. 9, 2026.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.