On Friday, spot-market differentials for West African oil practically did not change amid low trading activity throughout the week.
According to sources, the market for West African crude grades remained largely calm this week.
Brent and West Texas Intermediate crude oil rose by approximately 3.4% and 4%, respectively, over the course of the week. The United States threatened to impose a permanent naval blockade of Iran, raising concerns about potential disruptions to oil supplies from the Middle East.
Market participants are buying West African oil as an alternative to Middle Eastern grades amid the blockade of the Strait of Hormuz.
In October, the Dangote Petroleum Refinery oil refinery in Nigeria plans to hold an initial public offering so that Nigerians can participate in the company’s growth, the company’s CEO said. He added that listing on a foreign exchange would be possible no earlier than in three years.