Nigeria Now Struggling To Find Buyers For Crude Oil

Nigeria is still struggling to find buyers for its oil as strikes at French refineries and seasonal maintenance at plants elsewhere in Europe curb demand.

Little Nigerian crude traded last week, with more than 20 shipments for April loading still hunting for buyers, according to traders specialising in the West African market.

According to Bloomberg, the situation is similar to 10 days ago, when 20 to 25 of the cargoes — holding 1 million barrels of oil each — were on the market.

Sellers have limited options to clear the glut of oil, consultancy FGE said on March 29. Cargo holders could look to resell their supplies at a discount, or hold the volumes in floating storage until the refinery strikes are over, Steve Sawyer, director of refining at FGE, said.

-Dailytrust