Tuesday, March 31

Nigeria stock with abundant unsold crude

As a result of the weak global demand caused by the COVID-19 and the surplus supply by Saudi Arabia, Russia, OPEC and other nations, Nigeria is stock with abundant of high quality crude oil.
Nigeria has been know to supply some of the easiest-to-refine crude that typically commands a premium, has 30 or more unsold April-loading cargoes, traders say, equal to 30 million barrels or 30 percent of daily world demand.
The global market has lost around half its demand due to the CoronaVirus outbreak.
So far there is no sign of Nigeria, Angola or the north sea holding back on production because of Lower demand, instead, they are maximising output to try to raise cash. Trade source says.

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