This is apparently not the best of time for Nigerian crude export market, as the nation struggles to get buyers for October crude volumes, even among it’s main customers.
Barely two-thirds of Nigeria’s crude for October export has yet to find buyers, according to traders specializing in the West African market. That’s enough to fill 30 Suezmax tankers, each carrying 1 million barrels of oil.
Indian Oil Corp, Asia’s biggest buyer of Nigerian crude from the region has disappointed the market for a second week, compounding already sluggish sales to Europe, the producer’s other main market, the traders said.
However, earnings for ships hauling West African oil to that region are at the lowest level in a month.
According to Bloomberg, the state oil refining giant purchased just 2 million barrels of Nigerian oil in its latest tender, after a 1-million-barrel buy the previous week. IOC typically bought as much as 20 million barrels of West African crude per month before the pandemic.
