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Nigeria Crude Oil – Grades of Nigerian Petroleum

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The crude oil of Nigeria is divided into two classes. They are sweet and light petroleum. It is mostly low in sulphur. Under OPEC, Nigeria is the biggest manufacturer of light crude oil. The light oil of this West African nation is alike in composition to the petroleum drilled from the North Sea. It is usually referred to as bonny light. You can find other grades of Nigerian black gold like Brass River, Qua Iboe, Escravos blend, Pennington Anfan etc. It is identified based on their export depot.

The biggest country that imports Nigerian petroleum is the mighty United State of America. Out of the 100% of oil which the US imports yearly, Nigeria supplies about 10% of the whole US oil imports. This makes up 40% of Nigeria oil exports. It is the fifth biggest market of oil imports for the great United States of America.

You can find up to 6 petroleum export depots in Nigeria. They are mainly owned by multinational oil companies. The major oil companies in Nigeria are Chevron, Shell, Mobil, Texaco, Agip etc. BP is yet to discover the potentials of Nigeria’s crude oil. It is believed that shell has two oil terminals while the remaining four is owned by Chevron, Mobil and Texaco respectively. The forcados depot is owned by Shell. It has the capacity of amassing about 13 million barrels as well as the close by Bonny depot. Mobil controls the Qua Iboe depot located in Awka Ibom state Nigeria. Chevron operates the Escravos terminal situated at Delta State. It is capable of storing up to 36 million barrels. Agip runs the brass depot located in Rivers state. It has a storage capacity of up to 3 million barrels. Finally, Texaco runs the Pennington depot. Its storage capacity is not known.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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