The Nigerian National Petroleum Company Limited (NNPC) has successfully exported its first crude oil cargo directly to Europe. The shipment is being handled by a large vessel, the Meltemi I, operated by Delta Tankers of Greece. This marks a major step forward for NNPC as it takes control of its own shipping and delivery processes.
The Managing Director of NNPC Shipping, Panos Gliatis, confirmed that the crude deal was sealed with a major global oil company. The company handled all logistics, including insurance and delivery, making this deal different from Nigeria’s usual method of selling crude at the port.
Earlier LNG Success Led to This Development
This achievement follows NNPC’s earlier success in delivering liquefied natural gas (LNG) shipments to Japan and China last year. That move was part of its plan to become a top energy supplier worldwide.
New Joint Venture for More Tankers
NNPC is also forming a new venture with Sweden’s Stena Bulk and Nigeria’s Caverton Marine. Together, they plan to build a modern fleet of oil and gas tankers to better serve West Africa and beyond.
Dangote Refinery Boosts Fuel Exports to Asia
Meanwhile, the Dangote refinery is preparing to ship more fuel oil to Singapore. A fresh shipment of nearly 120,000 metric tonnes of fuel products is planned for mid-April. This follows record exports to Asia in March. The fuel mix includes both low-sulphur fuel oil and slurry, based on information from trading sources.
Global Oil Prices Drop Sharply
In other news, global oil prices have hit a three-year low. This drop comes as China imposes new tariffs on US goods, raising concerns over a global recession. Oil prices fell to $60 per barrel last week, below Nigeria’s 2025 budget benchmark of $75.
Goldman Sachs Lowers Oil Forecasts
Reacting to the market downturn, Goldman Sachs has cut its oil price estimates. Brent crude is now expected to average $66 per barrel by the end of 2025, with West Texas Intermediate (WTI) at $62. The bank predicts slower global oil demand growth and possible increased supply from OPEC+.
As the global energy landscape shifts, Nigeria’s efforts to expand its role in the international oil and gas market are gaining momentum.
