Nigerian Unsold Oil Starts to Build Up as Buyers Take Their Time
*Backlog of unsold cargoes builds amid turnarounds, competition
*Angola’s sales fare better thanks to strong buying from India

Nigeria’s crude for May loading has been very slow to find buyers so far, with more than half of the scheduled cargoes yet clear.

More than 30 of the nation’s cargoes are still looking for buyers, according to traders specializing in West African crudes.

A total of at least 53 are scheduled to load from Nigeria next month, according to data compiled by Bloomberg. Most of the consignments are one million barrels.

https://www.bloomberg.com/news/articles/2024-04-12/nigerian-unsold-oil-starts-to-build-up-as-buyers-take-their-time?cmpid%3D=socialflow-twitter-africa&utm_medium=social&utm_content=africa&utm_source=twitter&utm_campaign=socialflow-organic

Holly Gram


EBIN PAWA ooo !!!


LITE UP my WEED in peace


WTF MAN!

Wahala 🥸🥸🥸

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Cluelessness everywhere

Okay

Na lie

What happened to selling it to Dangote Refinery that currently buys oil from USA. Bonny light is sweeter.

What happened to the forwards contracs, go and Dock the ships at their yard, let them pay demorage.

looseweight:


Nigeria needs to export for foreign exchange. Sicme dangote Will be selling in Naira, then he probably will be buying from fg using Naira

When it comes to National income, just see Nigeria as one entity using one single account. The activities of one entity affects us generally.

What difference will selling out of Nigeria and buying into Nigeria have, if not increased Transportation cost which may be citizen's gain.

Madness

Kasala

Issok, wetin concern me ......them sell, them nor sell e nor go reach me, na still steal dem go steal am......make i go fyn wetin i go chop jor

Oil nor dey too pay again, too many sellers.
Nigeria should diversify before it is too late.

We need to have strong relationship with India and china ,they are the one driving the world economy.

Sell it to dangote

If they start rejecting our oil, Nigeria will further nosedive to its lowest low.

Not now that Tinubu is trying to steer the country from Buhari's mess.

Poor Nigeria! A trader knows what it’s to have goods but no buyer available. This is where strategic planning is needed. Who are our usual buyers? What’s hindering them from repeat purchases? But if you check properly, you’ll discover how greed and corruption is playing pivotal role in this mess. I mean, why buy from official source, when I can get for half the price at unofficial rate. Nigeria is one funny hell of a place though.

Wahala

They should sell it to me at the rate of tufaif per Cargo, if they're struggling to find buyer.


Buyers are buying the illegal ones, so they are not interested in the legal one.

A

So what happens to Dangote refinery that is complaining of shortage of crude supply?

Give it to dangote to refine it. Some of the countries are moving away from refining crude because there refinery are old and cannot meet up with Euro5 standard anymore. We will make more foreign exchange if we sell refined products

Sell to Oil bunkers

But DANGOTE is buying oil from the US thou.

Las las we go drink this oil......
Some advanced countries are not depending on oil again. Nigeria is too backward in everything.

Make the oil sef dry ....so that everybody eye go clear.

Supply to Dangote for half the price, so diesel can drop to 350 per liter, and fuel 120 per liter

Diversify Nigeria's economy - don't depend on selling crude oil alone for USD generation. APC has been telling us that the party would diversify the economy since the days of Buhari, but nothing yet.

Odimma

Those they have sold many times back what have they done with the money

If they explain Nigeria to you and you understand.....that person didn't explain it well...na lamb e dey give you.

Thought they told us even dangote and other local refineries can't see crude to buy because buhari government has sold everything in advance.

They are now telling us they can't see buyers for our crude oil again.

I remember when nnpc were using oil traders in Western countries in the past and they really made blco popular in the market.

Small small

Which buyers again, while we are in need of the oil