Nigeria is facing challenges in selling its crude oil for May loading, with more than half of the scheduled cargoes still awaiting buyers.
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Traders specializing in West African crudes report that over 30 of the nation’s cargoes are yet to find buyers out of a total of at least 53 scheduled to load next month.
The ability to openly trade Nigeria’s crude cargoes into various markets including Asia, Europe, and the US adds to the scrutiny on the pace of sales, making it a closely monitored market detail.
Factors such as heavy refinery turnarounds in Europe leading to an excess of April barrels and competition from rival producers in the Mediterranean have contributed to the sluggish demand for Nigerian oil. Additionally, Nigeria’s crude sales face challenges from higher freight costs and premium prices for more immediate supplies.
In contrast, Angola’s May-loading crude sales have remained relatively stable, with only a few shipments still available out of the planned 34. Angola has benefited from strong demand from buyers in Asia, particularly China and India, as highlighted by the International Energy Agency in its monthly report.
