Argus West Africa Oil
Overview
Argus West Africa Oil is a daily market report providing price assessments for crude oil produced in west Africa and refined petroleum products delivered to west Africa. The report covers crudes from Nigeria, Angola, Congo (Brazzaville), Cameroon, Gabon and Ghana, alongside market commentary and regional news and analysis published on Fridays.
At a glance
- Daily crude oil prices for west African grades.
- Coverage across Nigeria, Angola, Gabon and more.
- Refined products prices delivered to west Africa.
- Monitor grade differentials against North Sea Dated.
- Track product cracks and regional market trends.
- Weekly market commentary and regional news.
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Key features
West African crude prices
Daily fob assessments for crude grades from Nigeria, Angola, Congo (Brazzaville), Cameroon, Gabon and Ghana, published as outright prices and differentials to North Sea Dated.
Refined products coverage
Delivers daily prices for gasoline, gasoil and jet fuel delivered to west Africa, plus a fob offshore Lomé ship-to-ship gasoil assessment, expressed in $/t and Nigerian naira/litre.
Basis crude differentials
Each west African crude is valued relative to a basis crude — Qua Iboe, Girassol, Dalia or Doba — matched by specific gravity and typical destination, enabling direct grade comparison.
Daily market commentary
Covers west Africa crude and products markets each session, identifying key price drivers, trade flows and developments in regional refining, freight and demand.
Weekly news and analysis
Every Friday, delivers an overview of the week's crude and product market activity alongside regional news and analysis of events and trends shaping west Africa's oil markets.
Freight and shipping data
Includes VLCC freight rate data from west Africa to the US Gulf coast, Singapore and China, supporting shipping cost analysis and trade flow monitoring across key export routes.
How Argus assesses west African oil markets
- Refinery gate value model
A linear programming refinery model determines the optimal product yield and refinery gate value for each crude grade assessed.
- Basis crude comparison
Value is calculated against a basis crude — Qua Iboe, Girassol, Dalia or Doba — matched by specific gravity and typical destination.
- North Sea Dated benchmark
North Sea Dated is the benchmark against which all west African crude prices are calculated and expressed as differentials.
- Refined products pricing
Product prices derive from northwest European barge assessments, adjusted for freight from northwest Europe to west Africa.
- Daily price consensus
Price inputs are gathered across the full trading day from trades on multiple platforms to establish a daily market consensus.
Who uses this service
Crude oil traders
- Benchmark west African grades against North Sea Dated to assess relative value.
- Track differential and basis crude movements to identify trading opportunities.
- Monitor cargo activity across Nigeria, Angola and Congo (Brazzaville) to support decisions.
Refiners and procurement teams
- Assess refinery gate values of west African crudes to optimise feedstock selection.
- Compare crude economics across grades and destinations to support procurement decisions.
- Use product crack data to evaluate the profitability of west African crude slates.
National oil companies and producers
- Reference daily price assessments to benchmark term and spot crude sales.
- Monitor grade-specific differentials to assess market positioning and pricing strategy.
- Track regional supply and demand developments through weekly news and analysis.
Shipping and freight analysts
- Track VLCC freight rates from west Africa to key destinations to assess transportation economics.
- Monitor cargo flow data to identify trade route activity and freight market trends.
- Evaluate the impact of freight costs on delivered crude values across export markets.
Frequently asked questions
Key price assessments
Argus West Africa Oil publishes daily fob crude assessments for grades from Nigeria, Angola, Congo (Brazzaville), Cameroon, Gabon and Ghana, plus delivered west Africa prices for gasoline, gasoil and jet fuel, used for benchmarking and trade negotiations.