Nigeria raised its crude official selling prices (OSPs) for December on Tuesday while more January export plans were awaited from Africa’s top producer.
Nigeria’s state oil company increased its December official selling prices for Bonny Light to dated Brent plus 33 cents per barrel from minus 64 cents last month and for Qua Iboe to plus 40 from minus 22 cents last month.
Opinions from traders on the hike were mixed, with some saying they were in line with recent sales prices and others saying they reflected inflated expectations from sellers.
Shell sold a cargo of Nigeria Escravos crude to Turkish refiner Tupras for delivery at the beginning of December.
Angolan state oil company Sonangol made its first offers of January-loading crude, with a cargo of Dalia last offered for dated Brent plus 95 cents and Girassol for $1.65.
Potential sellers viewed offers from West Africa as among the least economical of any oil-exporting region recently and expected differentials to come down soon.
Indonesia’s Pertamina was running a buy tender for December-loading crude set to close on Thursday.
Taiwan’s CPC closed a buy tender for February-arriving sweet crude, but results were not immediately known.
India’s crude oil imports in October climbed from last year as consumption in the world’s third-largest oil consumer and importer continued its rebound toward pre-pandemic levels, government data showed on Tuesday.
The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for crude oil.
Chevron Advocates Pragmatic Approach To The Future Of Energy At NOG 2025
Chairman and Managing Director, Chevron companies in Nigeria, Jim Swartz has advocated for a balanced and pragmatic approach to the future of energy in Nigeria in order to meet growing energy demand, ensure availability of affordable, reliable and ever-cleaner energy, while advancing the lower carbon future.
Jim gave the indication on Wednesday July 2, 2025, while speaking at a strategic panel session on speaking in a panel session on “Pragmatically Achieving Energy Abundance” at the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja.
Emphasizing the need for a more pragmatic conversation about energy; one that balances economic prosperity, energy security and environmental protection, he reaffirms Chevron’s belief that oil and gas will remain a viable component of the energy mix for the foreseeable future, and that the future of energy is lower carbon.
Jim stated that Chevron leverages its strengths to safely deliver lower carbon energy to a growing world while adapting to changes, continuously improving its processes and building resilience to remain competitive while ensuring profitability.
“Chevron in Nigeria has embarked on a journey to improve and grow our business, which is referred to as the “North Star”. Our North Star strategies include to: Improve Base Business, Grow Production and Monetize Gas Resources”, Jim remarked.
He emphasized that Chevron continues to differentiate itself as the only IOCS that maintains its operations in Onshore, Shallow Water and Deepwater assets and one of the first to convert all its joint venture and Agbami leases under the Petroleum Industry Act (PIA) enabling further exploration and development.
“Our recent efforts to position ourselves for a new phase of growth include recent farm-in into OPL 215 to boost deepwater development opportunities, signing of 20-year renewal of 3 deepwater leases, completion of seismic data acquisition in our deepwater leases, the ongoing shallow water infill drilling program utilizing 2 rig, drilling of exploration wells and fast-tracking production from our Meji NW discovery,” he stated.
He also emphasised the role of technology in increasing operational efficiency and decision-making noting that technology plays a crucial role in driving energy development in the form of digital transformation, renewable energy, smart grid technology, supply chain optimization, and environmental monitoring.
While appreciating the Federal Government of Nigeria for pursuing reforms in the oil and gas sector, Jim urged more collaboration among the government, the private sector and other stakeholders to improve the industry’s competitiveness. “Chevron takes a long view of Nigeria, and we look forward to being a part of Nigeria’s prosperous future,” he stated.
