L
LequteMan
Guest
According to Vanguard newspaper, Nigerian crude cargoes for January loading are struggling to sell with almost half of the program still available due to very weak demand with an oversupply of sweet crudes, market sources said.
“The market is in disaster mode,” said a trader. “There is just no demand for these Nigerian grades at the moment. There is too much oil to choose from. Even the Azeri Light values are coming crashing down.”
Asian and European demand for Nigeria and other West African cargoes has so far been reportedly slow, with the situati0n worsened by high freight rates and the availability of cheaper sweet crudes in both regions.
Activity on Nigeria was slow especially for key grades such as Qua Iboe, Bonny Light, Bonga and Forcados.
Some niche grades like Akpo, Usan and Agbami have sold decently but the whole Nigerian sweet crude complex was being dragged down by the weak demand.
#Nigeria
“The market is in disaster mode,” said a trader. “There is just no demand for these Nigerian grades at the moment. There is too much oil to choose from. Even the Azeri Light values are coming crashing down.”
Asian and European demand for Nigeria and other West African cargoes has so far been reportedly slow, with the situati0n worsened by high freight rates and the availability of cheaper sweet crudes in both regions.
Activity on Nigeria was slow especially for key grades such as Qua Iboe, Bonny Light, Bonga and Forcados.
Some niche grades like Akpo, Usan and Agbami have sold decently but the whole Nigerian sweet crude complex was being dragged down by the weak demand.
#Nigeria