Nigeria’s Glut of Unsold Oil Starts to Shrink as Prices Weaken
- About 10 cargoes for May loading still in need of buyers
- Angola’s sales stronger as demand from China refiners holds up
Nigeria’s crude oil for loading this month is finally showing signs of starting to clear out after a weak pull from Europe forced some sellers to lower prices.
About 10 cargoes of the country’s crude for May loading were still available for purchase, according to the median estimate of three traders specializing in the trade. While that’s still around a fifth of the West African producer’s exports for this month, more deals were expected to be completed this week after offer prices eased, the people said.