Report has it that Nigeria’s May crude export faces challenges as more than half of the scheduled cargoes are yet to find buyers. This is according to traders specializing in West African crudes.
Over 30 of Nigeria’s cargoes for next month are still available out of the total of at least 53 scheduled to load, most of which are one million barrels each.
The demand for Nigerian oil has been affected by heavy refinery turnarounds in Europe, leading to an excess of April barrels and competition from rival producers in the Mediterranean.
In contrast, Angola’s May-loading crude sales have remained steady, benefiting from good demand in Asia, particularly from buyers in China and India.
Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC)+ continues to monitor crude output, with some members exceeding their production targets. Despite recent increases in oil prices, the group said it remains committed to production discipline, aiming to balance the oil market.
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