Platts, part of S&P Global Energy, is working on launching daily spot assessments for Nigerian crude grades Nembe and Okwuibome on a Free on Board (FOB) Nigeria basis, effective February 2, 2026. Crude oil FOB is basically 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, excluding the cost of subsequent shipping.
The buyer will cater to all costs and risks associated with transportation from that point onward.
The Nembe and Okwuibome FOB Nigeria assessments would reflect standard cargoes of 950,000 barrels loading 25-55 days ahead and pricing 5 days after bill of lading as standard.
This aligns with the same assessment period and pricing basis as Platts’ existing West African crude oil spot assessments.
Platts would take care of publishing bids and offers for cargoes of 950,000-1.05 million barrels inclusive. Sizes above 950,000 barrels may be subject to normalization when considered in the assessment.
The fresh assessments are expected to reflect a 1630 London time stamp and adhere to the London publishing schedule.
Both Nembe and Okwuibome would be assessed as a differential to the 30-60 day forward-dated Brent strip and published as an outright price.
As per assays seen by Platts, Nembe and Okwuibome have sulfur contents of 0.14 per cent and 0.079 per cent and API Gravity readings of 29.3 and 42.1, respectively.
The new assessments will complement Platts’ existing suite of evaluations for West African crudes, which are featured in the PCR1230 and PCR1231 fixed pages, as well as in Crude Oil Marketwire.
