Nigeria Cuts Qua Iboe Crude Price for December to $2.85

State-owned Nigerian National Petroleum Corp. lowered its official selling price for benchmark Bonny Light and Qua Iboe crudes for December loading by 70 cents to a premium of $2.85 a barrel to North Sea Dated Brent, according to a price list obtained by Bloomberg News.

The company also announced the prices for two new grades, Okwuibome and Ebok. Okwuibome was set at $3 a barrel less than Dated, and Ebok was at a discount of $5.50 to the same benchmark, according to the list.

The official selling price of Equatorial Guinea’s Zafiro grade, also set by NNPC, was reduced by 10 cents to $1.20 a barrel more than Dated Brent.

The following table shows details of Nigerian official selling prices against Dated Brent. Prices are in dollars.

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Grade           December November Change
Abo Light       +1.40    +2.00    -0.60
Agbami          +1.40    +1.90    -0.50
Akpo            +1.35    +1.80    -0.45
Amenam          +2.10    +2.70    -0.60
Antan           +0.90    +1.30    -0.40
Bonga           +3.10    +3.55    -0.45
Bonny Light     +2.85    +3.55    -0.70
Brass Blend     +2.85    +3.55    -0.70
EA              +4.10    +4.90    -0.80
Ebok            -5.50    N.A.     N.A.
Erha            +3.40    +4.20    -0.80
Escravos Light  +2.50    +3.00    -0.50
Forcados        +3.95    +4.65    -0.70
Ima             +1.00    +2.05    -1.05
Obe             +1.45    +2.15    -0.70
Okono           +2.65    +3.05    -0.40
Okoro           +1.30    +2.30    -1.00
Okwori          +2.70    +3.30    -0.60
Okwuibome       -3.00    N.A.      N.A.
Oso Condensate  -0.25     0.00    -0.25
Oyo             +1.20    +2.25    -1.05
Pennington      +4.20    +4.95    -0.75
Qua Iboe        +2.85    +3.55    -0.70
Ukpokiti        +1.30    +1.85    -0.55
Yoho Light      +2.85    +3.60    -0.75
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To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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