Nigeria continues to be struggling to seek out consumers for its oil as strikes at French refineries and seasonal upkeep at crops elsewhere in Europe curb demand.
Little Nigerian crude traded final week, with greater than 20 shipments for April loading nonetheless trying to find consumers, in keeping with merchants specializing within the West African market. That’s just like 10 days in the past, when 20 to 25 of the cargoes — holding 1 million barrels of oil every — had been available on the market.
At the same time as crude gross sales sputter, output within the West African nation has rebounded. Nigeria has been reviving manufacturing at some key streams similar to Bonny Mild that had been halted for months by crude theft and technical points.
Sellers have restricted choices to clear the glut of oil, consultancy FGE stated on March 29. Cargo holders might look to resell their provides at a reduction, or maintain the volumes in floating storage till the refinery strikes are over, Steve Sawyer, director of refining at FGE, stated.
Picture Credit score – iStock.com/Andrii Zorii