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.
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Recall that the NNPCL announced the appointment of Jean-Marc Cordier as the head of the oil trading arm of the company.
Cordier, served as a former Vice President of the Abu Dhabi National Oil Company, adding that his appointment was in furtherance of the ongoing repositioning in the company for improved growth, better performance and service delivery.
OPEC+ makes shock million-barrel cut in new inflation risk
OPEC+ has announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
It’s a significant reduction for a market where — despite the recent price fluctuations — supply was looking tight for the latter part of the year.
Oil futures soared as much as 8% in New York on Monday while gasoline also gained, adding to inflationary pressures that may force central banks around the world to keep interest rates higher for longer.
