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23 Aug 2026, Sun

Sasol Buys 1 Million Barrels of Nigerian Crude as West African Oil Market Holds Steady

By Ukumbi Afrika 2 mins read
Energy
Oil tanker at sea for Sasol's Nigerian crude purchase

Saturday, 8th August 2026

London— West African crude differentials remained broadly stable in the spot market on Friday as traders continued to assess recent tender activity, with South Africa's Sasol purchasing 1 million barrels of Nigerian crude for September delivery.

South African energy and chemicals company Sasol bought the Nigerian crude for delivery to Durban between Sept. 16 and Sept. 18, according to two traders. Details of the transaction were not immediately available.

The purchase comes after Indian refiners bought as much as 9 million barrels of Nigerian, Angolan and Congolese crude in tenders this week, according to trade sources, highlighting continued demand for West African grades among Asian refiners.

Nigerian crude differentials

In the West African spot market, Qua Iboe was heard to have traded at around dated Brent plus $5.50 per barrel this week, according to one trader.

Bonny Light, another major Nigerian crude grade, was offered at around dated Brent plus $6.00 per barrel on an FOB basis, another trader said.

The firm differentials indicate continued interest in Nigerian barrels despite broader shifts in global crude trading patterns.

Angola upstream update

Meanwhile, Angola's state-owned oil company Sonangol and concessionaire ANPG said on Thursday that the Katambi-2 offshore appraisal well had crossed two productive intervals and confirmed good-quality reservoirs.

The development could provide further insight into Angola's offshore production potential as the country continues efforts to attract investment and sustain output from its mature oil fields.

Sasol's purchase underscores the continued importance of Nigerian crude in regional and international refinery supply chains, while strong tender activity from Indian refiners points to sustained Asian demand for West African grades.

For Nigeria, firm demand for crude exports remains important for foreign-exchange earnings and government revenues, while developments in Angola could support the region’s longer-term oil supply outlook.

Source: Reuters

Reporting: Robert Harvey

Editing: Louise Heavens