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Nigeria s October Oil Inventory Struggles for Buyers

Nigeria s October Oil Inventory Struggles for Buyers
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Nigerian crudes struggle for buyers as India cuts purchases – Report

Nigerian crudes struggle for buyers as India cuts purchases – Report The Punch Published 15 June 2021 Nigerian crude variants are now seeking other buyers in Asia and Europe as India’s COVID-19 situation remains shrouded in uncertainty amid stringent regional lockdowns and weak domestic consumption. S&P Global Platts reported that most Nigerian crudes were trading at close to 12-month lows. The country’s flagship grade, Bonny Light was last assessed at Dated Brent minus $0.8 per barrel, up from a recent low of minus $0.95 per barrel, but still close to the weakest it has been since May 2020. Akpo condensate, normally a preferred grade for Indian refiners, was last assessed at Dated Brent -$2.10 per barrel, its lowest level since September 2020.

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