shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Nigeria’s Unsold Crude Glut: What’s Behind It?

Nigeria’s Unsold Crude Glut: What’s Behind It?

by Joshua
March 28, 2023
in Featured, News

By Bill Lehane (Bloomberg)

 

Nigeria is struggling to find buyers for its oil as strikes in the French refining sector and seasonal maintenance at plants elsewhere in Europe cut into the OPEC producer’s sales.

An oil tanker moored in Lagos, Nigeria.

Between 20 and 25 shipments of Nigerian crude for April loading are still searching for buyers, according to four traders specializing in the West African market. That’s a much weaker position than normal for this time of the month — when trade should be moving on to May’s barrels — and the prices the shipments can fetch are dropping, they said. Each cargo is about a million barrels of crude.

Typically one of Nigeria’s biggest buyers, France took an average of 110,000 barrels a day of Nigeria’s oil over the past year, according to tanker-tracking data compiled by Bloomberg. But that demand has shriveled this month, with France’s overall crude imports dropping by half in March as the nationwide dispute over pension reforms escalates, according to Wood MacKenzie.

Well over 80% of France’s 1.1 million-barrels-a-day processing capacity is halted or in the process of shutting down because of the industrial action, data compiled by Bloomberg show.

In addition to the impact of the strikes, other plants in Europe are also buying less crude because of seasonal maintenance, according to the traders. Capacity is offline at some typical destinations for Nigerian crude such as Spain’s San Roque refinery and Italy’s Sarroch plant. Facilities that have halted capacity for work also include Shell’s Pernis refinery near Rotterdam, Europe’s biggest plant.

“The Nigerian backlog is a combination of higher freight costs, lower tanker availability — specifically into Europe — as well as lower overall demand for West Africa light sweet as crude from other regions is deluging markets,” said Viktor Katona, lead crude analyst at Kpler.

 

Northwest Europe’s reduced buying matters for West Africa because alternative outlets are limited, traders said. Mediterranean refiners can choose to skip Nigerian supply in favor of cheap North African barrels that ship more quickly to the region, or they can process some of the large volumes of US West Texas Intermediate crude that have been arriving in Europe in recent months.

 

Long-haul buyers like Indian Oil Corp. and Indonesia’s Pertamina have been taking more discounted Russian volumes this year, easing their need for Nigerian supply. China’s Unipec favors processing oil from Angola, where only around five April shipments are still available, the traders said.

 

Another driver of the unsold glut has been Nigeria’s revival of crude production that was shuttered in recent months by theft and technical issues, such as the nation’s Bonny Light stream. Nigerian export capacity may now exceed what the market needs in April and May, according to Katona.

 

 

shippingposition

Kindly like us on Facebook/twitter


Related Posts

BREAKING: Oyetola Inaugurates NIMASA Governing Board, Charges Members on Strategic Oversight

BREAKING: Oyetola Inaugurates NIMASA Governing Board, Charges Members on Strategic Oversight

July 2, 2025
Apapa Customs Boss Breaks Bottlenecks: ANLCA Chairman Hails Reduction of Checkpoints, Demands More Reforms

Apapa Customs Boss Breaks Bottlenecks: ANLCA Chairman Hails Reduction of Checkpoints, Demands More Reforms

July 2, 2025
Succession Planning: Shippers’ Council Launches Training Programme for Mid-Level Officers

Succession Planning: Shippers’ Council Launches Training Programme for Mid-Level Officers

July 2, 2025
 “Why do we prefer Dollars over our own Naira; even in local contract execution’?— Dr Eugene Nweke

SEREC Outlines Key Benefits, Strategic Advice for CGC Adeniyi on His Appointment as WCO Council Chair

July 2, 2025

Latest News

BREAKING: Oyetola Inaugurates NIMASA Governing Board, Charges Members on Strategic Oversight

BREAKING: Oyetola Inaugurates NIMASA Governing Board, Charges Members on Strategic Oversight

July 2, 2025

Apapa Customs Boss Breaks Bottlenecks: ANLCA Chairman Hails Reduction of Checkpoints, Demands More Reforms

Succession Planning: Shippers’ Council Launches Training Programme for Mid-Level Officers

SEREC Outlines Key Benefits, Strategic Advice for CGC Adeniyi on His Appointment as WCO Council Chair

MWUN, Melsmore Marine Meet To Resolve Workers’ Welfare Issues

WCO: Nimrod Expresses Confidence In Adeniyi`S  Ability

Vessels Expected At Lagos Ports As At 2nd July, 2025

BREAKING: Apapa Customs Rakes in N1.3 Trillion Revenue in First Half of 2025

Oyetola Inaugurates NPA Governing Board, Calls for Reform-Driven Leadership

Industry Conflict Resolution: Nigeria Saved N6bn In 2024 – NSC 

Merchant Navy Felicitates Maritime Workers Union On Successful Branch Elections

CRFFN Rallies Freight Forwarders for Digital Transformation, Targets AfCFTA Market Opportunities

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver The liver is a vital organ located in the right upper abdomen, playing a crucial role in metabolism, detoxification, and digestion. It’s the largest solid organ in the body and is responsible for filtering blood, maintaining blood sugar levels, regulating clotting, and synthesizing essential proteins. The liver also stores energy, removes toxins, and produces bile, which aids in digestion Liver functions: · Metabolism and Detoxification: The liver processes nutrients from the blood, breaks down and balances them, and creates essential substances for the body. It detoxifies harmful substances like drugs and alcohol, converting them into less toxic forms for excretion. The liver plays a role in the metabolism of proteins, carbohydrates, and fats. It stores glycogen (a form of glucose) and vitamins, releasing them when the body needs them. · Digestion: The liver produces bile, which is stored in the gallbladder and released into the small intestine to help digest fats. Bile also helps in the absorption of fat-soluble vitamins. · Blood Regulation: The liver regulates blood sugar levels by storing and releasing glucose. It synthesizes clotting factors, which are essential for blood clotting. It removes old red blood cells and processes bilirubin, a byproduct of red blood cell breakdown. · Other Functions: The liver plays a role in immunity, helping to fight off infections. It produces proteins that are involved in the immune response. The liver also stores iron and other essential minerals. Frequently Asked Questions About The Liver · What are the first signs of a bad liver? The initial signs of liver problems can be vague and subtle, often including fatigue, nausea, and loss of appetite. As the liver’s condition worsens, more specific symptoms may emerge, such as jaundice (yellowing of the skin and eyes), itchy skin, dark urine, and light-colored stools. Abdominal pain, especially in the upper right quadrant, can also indicate liver issues. · Where do you feel liver pain? Liver pain is typically felt in the upper right abdomen, just beneath the rib cage. It can manifest as a dull, throbbing pain, a stabbing sensation, or a general feeling of discomfort in that area. In some cases, liver pain might be felt as an ache in the right shoulder or back. · What does liver pain feel like? How liver pain feels can vary from person to person, depending on the cause. However, most people often develop one or more of the following symptoms: Dull, persistent aches in the upper abdomen A feeling of fullness or bloating Sharp, stabbing pains that come and go Tenderness when the upper abdomen is touched · What is the best way to cleanse your liver? If you haven’t been working out, start indulging in a regular exercise regime to allow the toxins to come out of your body. Yoga, going running, hitting the gym, or a simple sauna session can also prove effective. If you want a natural liver cleanse, sweating is the way to go. · How to know if the liver is swollen? What are the symptoms of an enlarged liver? You likely won’t notice an enlarged liver on your own. In some severe cases, you might notice a feeling of bloating or fullness in your belly or an ache in your upper right abdomen. · What is the best drink to flush your liver? Many citrus fruits, including lemon, can be added to water to help stimulate and flush out the liver. Lemons are high in nutrients like vitamin C and antioxidants

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition