L
LequteMan
Guest
Nigeria - From recent happenings, Nigeria’s once highly desired, easy-to-refine sweet crude has become hard to sell and according to reports, the country is embarking on discounted sales just to get the cargoes off the high seas.
International crude oil traders are said to have shunned the country’s export of sweet crude for the months of May and June 2015, making it difficult for the country to find buyers for the product, of which the country’s 2015 budget was planked on.
Asian and European demand for Nigeria and other West African cargoes has been slow so far, due to the availability of cheaper crude oil at the international market.
According to an Organisation of Petroleum Exporting Countries (OPEC) report, Asian countries, which Nigeria turned to when the United States stopped buying Nigeria’s crude oil due to the shale boom, now prefer Angolan grades. Specifically China, which became a large buyer of Nigerian crude oil, has reduced importation due to heavy build-up of its products. The country also now prefers Angola’s crude grades.
International crude oil traders are said to have shunned the country’s export of sweet crude for the months of May and June 2015, making it difficult for the country to find buyers for the product, of which the country’s 2015 budget was planked on.
Asian and European demand for Nigeria and other West African cargoes has been slow so far, due to the availability of cheaper crude oil at the international market.
According to an Organisation of Petroleum Exporting Countries (OPEC) report, Asian countries, which Nigeria turned to when the United States stopped buying Nigeria’s crude oil due to the shale boom, now prefer Angolan grades. Specifically China, which became a large buyer of Nigerian crude oil, has reduced importation due to heavy build-up of its products. The country also now prefers Angola’s crude grades.
