As a result of the coronavirus pandemic, Nigeria has about 50 cargoes of crude oil that have not found a landing and this implies that there are no off-takers for them for now due to the drop in deman
d, the Nigerian National Petroleum Corporation declared on Wednesday.
Kyari said, “Today, I can share with you that there are over 12 stranded LNG cargoes in the market globally. It has never happened before. LNG cargoes that are stranded with no hope of being purchased because there is an abrupt collapse in demand associated with the outbreak of coronavirus.” He said NNPC was strategically putting in place measures that would alleviate the cost of crude oil production in Nigeria.
He noted that for leaders in the industry, such as Saudi Arabia, the cost of production was between $4 and $5 per barrel.
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