Nigeria Launches New Crude Oil Grade To Boost Exports

Nigeria’s state-run NNPC has officially launched a new grade of crude oil, Nembe, in an attempt to undo the damage from long-running thefts and attacks in the country’s Niger Delta region.  The new Nembe grade is expected to add 1.9 million barrels of crude oil exports to Nigeria’s portfolio monthly, according to an NNPC press release, with first cargoes already sold in October for export to Western Europe.   As a crude grade, Nembe is similar to Nigeria’s low-sulfur, distillate-rich grades, which go…