Saturday, 13 April 2024 04:56

Buyers shun Nigerian oil, ‘with more than half of scheduled cargoes unsold’

Rate this item
(0 votes)

Nigeria’s crude for May loading has been very slow to find buyers so far, with more than half of the scheduled cargoes yet clear.

More than 30 of the nation’s cargoes are still looking for buyers, according to traders specializing in West African crudes. A total of at least 53 are scheduled to load from Nigeria next month, according to data compiled by Bloomberg. Most of the consignments are one million barrels.

The country’s crude cargoes can be openly traded into either Asia, Europe or even the US, making the pace of sales a closely watched market detail.

Demand for Nigerian oil has been curbed by heavy refinery turnarounds in Europe that created an excess of April barrels going into the current May trading cycle, the people said.

Competitive rival producers in the Mediterranean have also cut into Nigeria’s sales, the people said.

The west African country’s sales also have to contend with higher freight costs and premium prices for more-immediate supplies.

By contrast, sales of Angola’s May-loading crude have been fairly steady, with only five or six out of the 34 planned shipments still available.

The country’s crude benefited from good demand from buyers in Asia like China and India, the people said. The International Energy Agency also cited strong demand for Angolan barrels in India in its monthly report.

 

Bloomberg

November 22, 2024

All good leaders have this mindset, no matter their background

David G. Ewing In today’s tech-driven business world, the ability to navigate technological challenges isn’t…
November 22, 2024

Tinubu’s borrowing spree retuning Nigeria back into debt peonage - Atiku

Former Vice President Atiku Abubakar has criticized the President Bola Tinubu-led administration for the increasing…
November 18, 2024

The magic and the minefield of confidence: Self doubt, hubris and everything in between - The Economist

Confidence is contagious. Someone declaring a position with ringing certainty is more likely to inspire…
November 16, 2024

Influencer eats pig feed in extreme attempt to save money

Popular Douyin streamer Kong Yufeng recently sparked controversy in China by eating pig feed on…
November 22, 2024

FG excited as pro-Biafra agitator Simon Ekpa arrested in Finland on terrorism charges

Simon Ekpa, the controversial leader of the pro-Biafra faction Autopilot, was arrested by Finnish authorities…
November 22, 2024

Here’s the latest as Israel-Hamas war enters Day 413

ICC issues arrest warrants for Israel's Netanyahu, Gallant and Hamas leader The International Criminal Court…
November 21, 2024

Nigeria comes top in instant payment system inclusivity index in Africa

Nigeria’s instant payment system is projected to advance to the maturity inclusion spectrum ahead of…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.