Nigeria to Export New Cawthorne Crude

Nigeria's state oil firm, NNPC, is set to begin exporting a new light, sweet crude grade called Cawthorne from March 2026. This move is part of Nigeria's broader strategy to increase oil production, which has been constrained by issues like crude theft and pipeline vandalism. The Cawthorne crude, similar in quality to Nigeria's Bonny Light, is expected to be exported via the Floating Storage and Offloading vessel Cawthorne, with a capacity of 2.2 million barrels. This initiative is projected to increase Nigeria's crude and condensate supply from approximately 1.65 million barrels per day to around 1.7 million barrels per day for the remainder of the year. The launch of Cawthorne follows the introduction of other new grades, Obodo in 2025 and Utapate in 2024, as Nigeria aims to diversify its crude offerings and attract more international refiners. The increased production will help Nigeria move closer to its OPEC quota and potentially seek a higher target within the producer group, boosting government revenues and foreign exchange earnings.