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 02, 2024

IPMAN accuses Dangote Refinery of selling fuel at prices higher than even imported products

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced concerns over the high logistical…
October 31, 2024

Rivers’ funds: ‘Elements loyal to Tinubu govt pulling strings from behind the scenes - Atiku

As reactions continue to trill the judgement of a Federal High Court in Abuja on…
October 31, 2024

The No. 1 misconception about failing

Aditi Shrikant There are few massive success stories that didn’t start out with some sort…
November 02, 2024

This startup helps parents-to-be select embryos for ‘designer babies’ with higher IQ, other traits

American start-up Heliospect Genomics is charging wealthy parents-to-be up to $50,000 to screen their embryos…
October 27, 2024

That simple 'hi' text from a stranger could be the start of a scam that…

“Pig butchering" operations run out of Asia but target victims globally, with scammers promising love…
November 02, 2024

Here’s the latest as Israel-Hamas war enters Day 393

Ceasefire hopes fade as Israel bombards Gaza, Lebanon Prospects of a ceasefire between Israel and…
October 16, 2024

The AI revolution: How Predictive, Prescriptive, and Generative AI are reshaping the world

Bernard Marr In the ever-evolving landscape of artificial intelligence, three powerful forces are reshaping our…
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.