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Nigeria Oil Sales Challenge Persists On French Strikes, Maintenances

OIL

Nigeria continued to struggle to find buyers for its oil as strikes at French refineries and seasonal maintenance at plants elsewhere in Europe curb demand according to traders.

  • More than 20 shipments for April loadings are still looking for buyers. This compares to 10 days ago, when 20-25 of the cargoes — holding 1 million barrels of oil each — were on the market according to traders.
  • Sellers have limited options and cargo holders could look to resell their supplies at a discount or hold the volumes in floating storage until the refinery strikes are over, Steve Sawyer, director of refining at FGE, said.
  • France imported an average of 110kbpd of Nigerian oil last year, tanker-tracking data from Bloomberg show. Imports in March dropped by half amid strike action at French refineries and oil ports.
  • Europe overall has also been buying less crude because of seasonal maintenance.
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