Nigeria is expanding its crude oil portfolio with the launch of Obodo, a new medium-sweet grade.
Produced by Continental Oil & Gas from OML 150 in the Niger Delta, Obodo has an API gravity of 27.65° and a sulphur content of 0.05%.
The Nigerian National Petroleum Corporation (NNPC) will handle marketing. This new grade joins other medium-sweet Nigerian crudes like Bonga and Nembe, targeting European refineries.
However, demand has been soft in the April trade cycle, with Nigerian grades competing with cheaper alternatives.
