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30 cargoes of Nigeria’s oil wait for buyers

30 cargoes of Nigeria’s oil wait for buyers

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Nigeria’s oil has been over-supplied as 30 unsold cargoes await buyers in the international market.

However, an oil market update obtained yesterday showed that the cargoes were scheduled for the August and September, 2018 deliveries, and buyers may come up before the end of the scheduled deliveries.

Reuters which confirmed the development stated, "There are almost 30 unsold cargoes from the August and September programmes, traders said, in addition to newly released October underlining plentiful supply."

A prompt cargo was said to have traded at dated plus $1 or below, a relatively low level for the grade last valued by Reuters at dated plus $1.15.A cargo was said to have traded at about dated plus $1.30, 10 cents above a bid from Vitol on Monday. It was not possible to confirm who bought or sold the cargo.

It also stated, "Angola is set to export 49 cargoes in October after four cargoes of Gindungo, a new grade, were added to the preliminary programme. September had 47 cargoes."

Nigeria decides to continue closely monitoring oil market conditions and developments with a view to improve market stability for the benefit of producers, consumers and the global economy at large.

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