Congo: the price of a barrel of crude oil set at more than 78 dollars

This is what emerges from the meeting to set oil prices for the third quarter of 2024, which was held on October 11.

Congolese crudes traded on the international market in the third quarter with differentials ranging between -2,250 dollars/bl and 1,360 dollars/bl, significantly better than the previous quarter. According to the readjusted prices we obtain the prices of reference crudes at 75.99 dollars for Djeno Blend, 78.12 for Nkossa Blend and 81.67 for Yombo.

Note that Dieno Melange cargoes remain in competition with the Russian Urals, this time heading towards China, France, Romania and Italy. Nkossa Blend shipments went to Italy, Malaysia, Thailand and Singapore.

The Yombo remained faithful to its pricing period at the monthly average. Directed towards the Singaporean market, the Yombo cargo was traded with a differential of 1,250 dollars/bl, favored by the shortage of low sulfur fuel oils in the region, thus drastically increasing the price of LSFO.

During this meeting, oil stakeholders, including representatives of the Ministry of Hydrocarbons and leaders of oil companies, managed to agree on “balanced” prices taking into account economic realities and the government’s road map.