European buyers’ apathy leaves 20 Nigerian oil cargoes unsold

European buyers' apathy leaves 20 Nigerian oil cargoes unsold

Reluctance by European buyers over high prices has left about 20 cargoes of Nigerian crude oil from April loading unsold, Reuters has reported.

The reluctance of European buyers however continued despite a cut UN selling prices, leading to a likelihood that oil majors with their own refining system may absorb them.

The official selling prices of a basket of May-loading crude oil grades were reduced as buyers were reportedly largely reluctant to pick up cargoes offered at and above a premium of $2 compared to dated Brent.

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According to reports, major grades, including Bonny Light and Qua Iboe, Forcados and Escravos, saw a decrease of around 20 to 25 cents compared with April.

Reuters had reported on Tuesday that June-loading cargoes were being offered at relatively high prices: Qua Iboe at a $2.50 premium to dated Brent, Bonga at $3.75, Forcados at between $2.80 and $3.00, and Yoho at $2.40.

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Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

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