Nigeria Struggling to Find Buyers for Over 30 Cargoes

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.

Bloomberg