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Nigeria's crude remains hot cake in market: official

Xinhua, November 25, 2016 Adjust font size:

Nigeria's crude oil remains a hot cake in the oil market, a top Nigerian oil official said Thursday.

Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), made the remarks to repoters in the capital city of Abuja after declaring opening the 2016/2017 bid for crude oil grades.

He said Nigerian crude oil is not an abandoned commodity, and has continued to earn premiums and it is hot cake all over for refiners because of the light nature of the crude.

"It induces very high yields on the valuable products that you produce from crude oil," and continues to maintain good demands in the market, he said.

"In fact, contrary to the speculation that a lot of Nigerian crude goes to China, most of the oil are consumed and refined in India and Europe, particularly this year and last year. Most of Nigerian crude ends up in European refineries," he added.

Nigeria produces about 600,000 barrels of oil per day when activities are in full swing. Enditem