Traders have said Nigeria’s March crude programme was struggling to find outlets this week, with some 25 million barrels still unsold even as the April loading programme loomed, Reuters reports.
Despite this, offers of the oil had gone mostly quiet as those holding the cargoes waited for reluctant buyers to return to a market awash with choice for oil. Most said the differentials would have to weaken somewhat in order to
get the cargoes moving, particularly with refinery maintenance coming and freight rates increasing to some destinations.
Still, several tenders due this week from Indian refiners would likely clear out a few thousand of the barrels. At least 25 million barrels of March-loading oil are still seeking outlets. The April loading schedule is expected to start emerging on Thursday or Friday.
Source: Enery Mix Report News
