Nigerian Oil Fails to Find Buyers, Heads for Storage

摘要

Despite hefty cuts in official selling prices, sellers of Nigerian crude are struggling to find buyers, due to weak crack spreads on light, sweet crude and a big drop in demand in key markets because of the coronavirus pandemic. The cuts — which lopped around $5 per barrel off differentials on Nigeria’s flagship grades — were intended to clear an overhang of up to 30 April-loading cargoes before the May program launched this week (IOD Mar.24’20).