News
There are indications that may offload her backlog of 35 cargoes of crude oil to two India
Refineries.
The cargoes are part of July
spot trading programme that are waiting to be sold to two India International
oil companies (IOCs) which have put up tenders for the cargoes.
Though it is not too clear
whether the tenders put up by the India IOC will all go the way of Nigeria as
Angola is said to have outstanding cargoes waiting to be sold for July
programme. This is because the tenders from the India refineries are said to be
for West Africa cargoes.
Generally traders have noted
that demand for Nigerian crude oil for July has been quite low. This low demand
obviously has been because of the Corona virus pandemic.
The tenders from India for the
West African crude is said to be for a 2 million barrels cargoes loading July
4-13 and the other for 1 million loading Aug. 1-10 and both are set to close
today.
Credit: financialenergyreview.com
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