60 NIGERIAN OIL CARGOES UNSOLD DESPITE PRICE SLASH

60 NIGERIAN OIL CARGOES UNSOLD DESPITE PRICE SLASH

A total of 60 Nigerian crude oil cargoes are yet to be sold despite the deduction in the official selling prices by the Nigerian National Petroleum Corporation (NNPC).

Reuters reports that a surplus in Nigerian and Angolan crude weighed on the market yesterday with demand from China is slower than in the last few weeks.

A trader was quoted as saying, “It’s a buyer’s market right now, and nothing is shifting”.

According to Reuters, the excess of unsold Nigerian oil was around 60 cargoes for April and May, and cargoes of Qua Iboe and Bonny Light crude continued to be hovered at around dated Brent minus $3.

The NNPC was reported in March to have reduced its April official selling prices for Bonny Light and Qua Iboe, two of the nation’s major grades, by $5 per barrel to dated Brent minus $3.29 and minus $3.10 per barrel, respectively.

 

Punch