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LequteMan
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Nigeria - Africa's largest economy is faced with another revenue problem as its sees a reduced demand for its crude oil, which is already cheap thanks to the global crash in oil prices. Vanguard reports:
Except it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.
Thus, a glut of unplaced Nigerian crude is expected to flow to Europe after weak buying from Asia for Nigerian and West African light sweet crudes over the past month has left a large overhang of March, April and May cargoes.
This was the finding of Platts, a leading global provider of energy, petrochemicals, metals and agriculture information, and a premier source of benchmark price assessments.
click here to read more
#Nigeria #Crudeoil #Oil
Except it finds buyers as soon as possible, the Federal Government’s capacity to finance the 2015 National Budget has been further reduced, as demand for Nigeria’s crude drops in the Asia market. The development increases concern of higher budget deficits in the current financial year.
Thus, a glut of unplaced Nigerian crude is expected to flow to Europe after weak buying from Asia for Nigerian and West African light sweet crudes over the past month has left a large overhang of March, April and May cargoes.
This was the finding of Platts, a leading global provider of energy, petrochemicals, metals and agriculture information, and a premier source of benchmark price assessments.
click here to read more
#Nigeria #Crudeoil #Oil
