London – September 28, 2026 -- TotalEnergies has accepted an offer for a 950,000-barrel Nigerian Qua Iboe crude cargo at a premium of $4.10 per barrel to Dated Brent, marking the first west African (WAF) crude transaction executed on the Argus Open Markets (AOM) platform. The deal carries an estimated value of more than $115mn.
First WAF crude deal completes on Argus screen-based platform
The transaction originated on the WAF crude AOM stack, a venue operated by price-reporting agency Argus Media that lets registered participants post bids and offers and initiate trades within a visible, auditable framework. The trade builds on rising participation from producers, traders and refiners who have used the platform to test liquidity and show value ahead of this first completed deal.
West African differentials underpin regional crude pricing amid Atlantic basin competition
West African grades typically trade as differentials to outright benchmarks such as Dated Brent, making accurate differential assessments central to commercial decisions. Argus' WAF crude differentials are widely referenced to gauge the relative value of Nigerian, Angolan and other regional grades as competition intensifies across the Atlantic basin.
Argus CEO ties platform milestone to shifting east-west crude flows
Argus Media chairman and chief executive Adrian Binks said the trade arrives as west African crude sees rising demand from buyers both east and west of the region seeking alternatives to lost Mideast Gulf supplies. He said the transaction reflects industry appetite for greater transparency and reinforces the role Argus plays in supplying price information to global crude markets.
Screen-based trading aims to reduce fragmentation in bilateral crude deals
Much of the physical crude market has historically relied on bilateral negotiations, which can leave price discovery fragmented. AOM brings bids, offers and trade initiation into a single visible venue while preserving the bilateral nature of physical negotiations, allowing participants to shape regional crude differentials in real time.