₦airaland Forum

India's Bharat Petroleum
Corporation Limited,BPCL has
issued a spot tender to
purchase several Malaysian
light sweet crude grades,
raising expectations that
more Indian end-users could
switch their focus to
Southeast Asian supplies
amid growing uncertainty
over the exports of Nigerian
crude grades.
BPCL is seeking up to one
million barrels of various
Southeast Asian light sweet
crudes, including Malaysia's
Miri Light, Labuan, Tapis,
Kikeh, Kimanis and Bintulu as
well as Brunei's Seria Light
and Champion crudes for
loading over September
11-20, according to an
official tender notice seen by
S&P Global Platts.
The latest spot tender is
said to have raised a few
eyebrows in the Asia-Pacific
sweet crude market, as the
Indian state-owned company
does not regularly seek
Malaysian and Bruneian
crude grades in the spot
market.
However, BPCL's latest move
was seen as necessary, as
the procurement of any
Nigerian crude grades would
be a big risk amid ongoing
production hiccups caused by
militant attacks in the Niger
Delta, a company source.
"BPCL, like many other Indian
state-run companies, prefer
to take Nigerian light sweet
crudes like Qua Iboe and
Bonny Light. Those are the
number one choices," the
source said, adding that
"when production (of light
sweet Nigerian grades) is in
doubt, the next best option
would be Malaysian (grades)
."
Last week, ExxonMobil said
Nigerian crude Qua Iboe has
been placed under force
majeure and exports were
halted, while Italian company,
Eni, confirmed earlier this
month that 4,000 barrels per
day, b/d, of oil equivalent of
equity production had been
shut-in following an attack
claimed by militants in the
Niger Delta. Nigerian militant
group, the Niger Delta
Avengers, said weekend that
it would not permit foreign oil
companies operating in the
Niger Delta region to carry
out repairs on bombed oil
pipelines, threatening more
devastating attacks on any
repaired facility.
"There is no guarantee the
Nigerian crudes will load and
set sail safely. It's very
risky," said a Singapore-
based sweet crude trader.

mesoprogress:
Bad attitude has repercussions. It's painful this is happening, it was a great mistake to elect buhari as a president of Nigeria.