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Nigeria Crude Lacking Buyers for April Loading

OIL

Crude from Nigeria is struggling to find buyers with weaker sales than normal this month due to lower overall demand combined with higher freight costs, lower tanker availability according to Kpler.

  • Between 20 and 25 shipments of Nigerian crude for April loading are still without a buyer and the prices for shipments are falling according to Bloomberg sources.
  • Strikes in the French refining sector and seasonal maintenance in Europe are limiting buyers this month. France received an average of 110kbpd from Nigeria in the last year according to tanker-tracking data compiled by Bloomberg. Crude imports by France are down by almost a half in March due industrial action over pension reforms according to Wood MacKenzie.
  • Spain’s San Roque refinery and Italy’s Sarroch plant are and Shell Plc’s Pernis refinery are all currently offline for maintenance.
Energy BulletsCommodities
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