Platts launches Nembe, Okwuibome FOB Nigeria crude assessments

Platts, part of S&P Global Energy, has launched daily spot assessments for Nigerian crude grades Nembe and Okwuibome on an FOB Nigeria basis, effective Feb. 2.

The Nembe and Okwuibome FOB Nigeria assessments 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 publishes bids and offers for West African crude oil 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 reflect a 1630 London time stamp and follow the London publishing schedule.

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

Platts FOB Nigeria Nembe and Okwuibome assessments:

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 latest assays seen by Platts.

The new assessments 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.

This follows a decision note published Jan. 16, available here, and an earlier proposal published Nov. 27, 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

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