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Deferments Push Nigerian Loading Plan Lower August

OIL

There are less Nigerian cargoes looking for August loadings according to Bloomberg reports – with some cargoes being deferred into September.

  • For Nigeria, between eight and 12 shipments for August loading are still searching for purchasers out of 45 planned.
  • 16 were unsold July 17 form a tally of 50. Deferments are the main driver for the drop. WAF crudes have been in lower demand as Atlantic based refiners search for medium-heavy sour grades as OPEC+ cuts tighten the market.
  • Earlier report by Bloomberg placed Forcados repair work at 5-10 days – weather dependent.

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