Nigeria is set to introduce a new crude oil grade, Obodo, to the market in April, targeting European refineries. This latest addition to the country’s medium sweet crude portfolio—joining Forcados, Escravos, and Bonga—aims to strengthen Nigeria’s presence in the global oil trade.
Obodo is expected to attract European refiners, a key market for Nigerian crude exports, as they ramp up operations following seasonal maintenance in late April and early May. European buyers have increasingly turned to lower-priced alternatives such as U.S. WTI, Caspian CPC Blend, and other Mediterranean grades, making the launch of Obodo strategically significant.
The new grade will be produced by Nigerian independent oil company, Continental Oil & Gas, from an onshore license in the Niger Delta. Marketing responsibilities will be handled by the Nigerian National Petroleum Company (NNPC), the state-owned oil giant.
While Obodo is anticipated to be priced similarly to Bonga, details on production volumes have yet to be disclosed. This development aligns with Nigeria’s broader goal of increasing its crude oil and liquids output by 1.07 million barrels per day (bpd) by December 2026 through joint ventures, production-sharing contracts, and sole risk contracts.
