Platts, part of S&P Global Energy, is proposing to launch a daily spot assessment for Nigerian crude grades Nembe and Okwuibome on a Free on Board Nigeria basis, effective February 2, 2026. The move will complement Platts’ existing suite of evaluations for West African crudes and provide enhanced price transparency for these grades.
The Nembe and Okwuibome FOB Nigeria assessments would reflect standard cargoes of 950,000 barrels loading 25 to 55 days ahead and pricing five days after bill of lading as standard. This follows the same assessment period and pricing basis as Platts’ existing West African crude oil spot assessments. Platts would publish bids and offers for cargoes of 950,000 to 1.05 million barrels inclusive, with sizes above 950,000 barrels potentially subject to normalization when considered in the assessment.
The new assessments would reflect a 1630 London time stamp and follow the London publishing schedule. Both Nembe and Okwuibome would be assessed as a differential to the 30 to 60 day forward Dated Brent strip and published as an outright price. According to assays reviewed by Platts, Nembe and Okwuibome have sulfur contents of 0.14 percent and 0.079 percent respectively, with API Gravity readings of 29.3 and 42.1.
Crude oil FOB refers to the price of crude oil at the producing country’s port of loading, which includes all costs up to the point the oil is loaded onto a vessel but excludes the cost of subsequent shipping, with the buyer responsible for all costs and risks associated with transportation from that point onward.
Source: orientalnewsng.com