India has purchased 2 million barrels of Nigeria’s Utapate and Okwuibome crude oil for delivery in September, according to trade reports.
The transaction highlights the continued appetite among Indian refiners for West African light sweet grades, which are prized for their high yield of gasoline and diesel.
25 trillion. The profit contraction reflects broader pressures on Nigerian upstream revenues, including production challenges and fluctuating global prices.
This procurement comes as global buyers navigate a complex supply landscape, with Indian state-owned refiners also securing cargoes from the United States earlier this week.
The deal provides a modest demand-side signal for Nigerian crude, though it arrives against a backdrop of financial strain for the National Petroleum Corporation of Nigeria (NNPC).
The state-owned entity reported a 35.4% decline in first-half 2026 profits to N2.28 trillion, trailing 2025 earnings by N1.25 trillion.
The profit contraction reflects broader pressures on Nigerian upstream revenues, including production challenges and fluctuating global prices.