Asian Appetite For Nigerian Crude
India’s increasing interest in Nigerian crude is confirmed by the revelation that State-owned Indian refinery, Mangalore Petrochemical and Refinery Ltd (MRPL) with a capacity for 300,000 barrels per day, has bought its first cargo of Nigerian crude paying a premium of $5.60 per barrel.
The refinery bought a cargo of 650,000 barrels of Okoro crude from BP for June 1-5 lifting. The refiner, as with many Asian refineries, has had to find alternatives to Iranian crude following the United States and European Union sanctions on Iranian crude.
Iranian exports are now reportedly down to their lowest level since 1986 as US and EU sanctions remain in place over Iran’s nuclear programme with Iran accused of developing it for the purposes of making a nuclear bomb, while Iran protests that it is only intended for peaceful purposes.