Browsing: Nigeria’s oil

Nigeria has been struggling to sell its oil since the beginning of May. According to reports, the country’s planned crude loadings for May have not yet found buyers.

The reports indicate that Nigeria, which is West Africa’s biggest oil producer,  is due to export around 1.68 million barrels of crude a day in May, the largest rate in three months.

Rivalry

The recent rebound in U.S. crude production following freezing weather has meant a surge supplies of U.S. light crude, a key rival for Nigeria toward Europe.

This was revealed in a monthly report released on Wednesday by the International Energy Agency.

That’s compounding already-slow sales of Nigerian crude to Europe, where buying has been weaker for months as refineries ran at low processing rates amid the pandemic.

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