Nigeria has been unable to fully reap the benefits of increasing crude oil prices at the international market, as market report says there were about 30 oil cargoes yet to find buyers at the international market.

Market data report obtained from Reuters, said as of Tuesday, between 20 and 30 crude cargoes for November were without buyers, far more than was typically expected to be left over at this stage of the trading cycle.

The market is “very, very sluggish,” another trader said. “The market is going down, margins look bad,” the report said quoting trading sources.

Although some of Nigeria’s crude grade such as Bonga crude was offered at a premium of $9 a barrel to the benchmark dated Brent, while Escravos and Forcados were on offer in excess of $8 in October, however, the report said freight rates have since jumped and refiners’ profit margins have narrowed, weighing on demand.

The low demand had in turn caused the country’s crude grades to fall by $1 to $2 a barrel, traders said.

Crude oil prices in some of the world’s main physical markets have weakened due to a jump in freight costs and a drop in refining margins, according to traders and London Stock Exchange Group data, suggesting demand weakness that could filter through to the futures market.

Herdsmen:
Problem is lot of unserious elements in the oil sector ..
Effect of time wasters .. many buyers don’t trust the government mandates , they just rip you off and disappear.

JASONjnr:
Wasted for nothing......


This country is a joke.

9japride:


Don't mind them, those politicians are made already. Instead of the masses to have one voice, they all be acting so tribalistic and too religious to reason properly.

JASONjnr:


This is not about the electorate....

The last election made me to realise that the politicians are the problems of this country....


They rigged themselves into power by all means available... They know that every Nigerian has a price....

The electoral commission is where we Nigerians need to focus. They're the real problem of the people
.

CodeTemplar:
wittyness 2.0.

wittywriter:



Lolz
Politicians know that electorates only get the opportunity to exercise their civic might/power just once every four year...but the varse majority gullible electorates fail to realize that and suffer for four years and more due to stupid choices on who to lead them;electorates.

Wittyness

wittywriter:



Lolz
Politicians know that electorates only get the opportunity to exercise their civic might/power just once every four year...but the varse majority gullible electorates fail to realize that and suffer for four years and more due to stupid choices on who to lead them;electorates.

Wittyness

slivertongue:
APC ruined the economy and peoples of Nigeria.

Herdsmen:
Problem is lot of unserious elements in the oil sector ..
Effect of time wasters .. many buyers don’t trust the government mandates , they just rip you off and disappear.

JASONjnr:


This is not about the electorate....

The last election made me to realise that the politicians are the problems of this country....


They rigged themselves into power by all means available... They know that every Nigerian has a price....

The electoral commission is where we Nigerians need to focus. They're the real problem of the people.

Islie:


https://punchng.com/30-nigerian-oil-cargoes-dumped-over-sluggish-demand/

Abagworo:
Why can't we stop this reliance on oil?

SensualMan:
Nigeria is cursed nothing good will ever come out of it. Absolutely nothing good.