Nigeria’s state oil firm NNPC has issued crude export contracts that are expected to last two years instead of the usual one year, trading sources familiar with the matter said on Monday.
The tender was issued on Nov. 10, and closed on Jan. 9. It is open to refinery or retail outlet owners, the governments of high energy consuming nations, established and globally recognised crude oil traders and indigenous Nigerian downstream oil and gas companies.
Nigeria exported over 155.125 million barrels of crude oil to India between February and March 2017, thus making it the biggest importer, according to data from the Nigerian National Petroleum Corporation (NNPC).
Oil prices fell on Tuesday after a strong two-day rally abated amid volatility fed in part by a vote later this week in Britain that