Economic threat as Nigeria failed to sell its crude, 30 cargoes stranded.

Chizoba Nnolim, Petroleum news, Lagos

There may be trouble for the Nigerian economy if it fails to sell off it’s August-September loaded crude. As at the moment, thirty crude oil cargoes are sitting in Nigeria and waiting for buyers, Petroleum-news reports, citing trading sources who added that the cargoes were part of the country’s loading schedule for August and September, and there is still chance to sell them if buyers reaches trade agreement with the Nigerian authorities.

This development suggest there is plenty of oil supply, or at least plenty of Nigerian oil supply: another confident source reported this week that Nigerian oil supply might hit a three-month high in October, with daily loadings at 1.12 million barrels, to a total of at least 38 cargoes.

Nigerian supply may be plentiful, but its effect on benchmark prices is limited: despite the reports, which clearly suggest ample supply of West African crude, prices inched up yesterday as concern about the supply squeeze due to follow the reimposition of U.S. sanctions against Iran deepened.

 

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