Platts to launch Nembe, Okwuibome FOB Nigeria crude assessments Feb 2

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

The Nembe and Okwuibome FOB Nigeria assessments will 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 will 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 will reflect a 1630 London time stamp and follow the London publishing schedule.

Both Nembe and Okwuibome will 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.

This follows a proposal note published Nov. 27 and available here:

https://www.spglobal.com/energy/en/pricing-benchmarks/our-methodology/subscriber-notes/112725-platts-proposes-to-launch-nembe-okwuibome-fob-nigeria-crude-assessments

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.

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