Tight supplies and uncertain loading dates are undermining demand for Nigerian crude from the country’s regular Asia-Pacific buyers. A wave of rebel attacks in the Niger delta and an accident have cut Nigerian crude output by around 500,000 b/d, prompting operators to declare force majeure on several Nigerian grades and to delay loadings. Sellers seeking to profit from the supply tightness have raised their offers for certain grades. Concerns over the reliability of some crudes along with the higher values are curbing demand.
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