What is West African Crude Oil?
Platts assesses West African (WAF) crude oil loading from Nigeria, Angola and the Republic of Congo, which together account for the bulk of the major crude oil export grades within the region.
West African crude oil is typically consumed outside the region, and is a popular feedstock for refineries in South and East Asia, Europe, and the United States.
Total West African crude oil exports are typically around 4.5 million barrels per day, of which exports from Angola and Nigeria account for a total of nearly 4.0 million b/d.
The Platts Dated Brent assessment is used as the basis for a great deal of crude oil transactions in this market, while the Platts West African differential assessments are widely used as a reference point in understanding market dynamics across the region.
West African crude oil typically has relatively low sulfur content by world standards, but varies widely in terms of gravity, with Nigeria being well-known for light sweet crude oil grades while Angola is more frequently associated with heavy sweet crude oil.
Key Nigerian crudes assessed by Platts include Qua Iboe and Bonny Light, as well as lighter grades Agbami and Akpo, and the heavier grade Forcados.
In Angola, key crudes include heavy sweet grades Dalia and Pazflor, and lighter grades such as Nemba. In the Republic of Congo, Platts assesses the heavy grade Djeno.
Up to 100 cargoes of Nigerian, Angolan and Congolese crude oil are eligible for assessment each month.
West African crude finds its way to both east and west locations, with China, India, Europe and the US key buyers.