About 15 to 20 cargoes of Nigerian crude oil from the April loading programme remain unsold despite the cut in selling prices.
Some of those cargoes are expected to be absorbed by oil majors’ own refining systems, according to Reuters.
The nation’s crude oil has had a difficult time clearing in recent weeks, as offer levels were too high to attract buying interest from European refineries. In a related development, oil supply by the Organisation of Petroleum Exporting Countries hit a four-year low in April, a Reuters survey found, due to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Arabia.
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