Nigeria seeks to attract buyers of its unsold oil with discounts.
The Nigerian National Petroleum Corporation has been grappling with how to dispose of the unsold April loading.
This is also coming against the backdrop of the Coronavirus Disease outbreak, which affected demand for the country’s crude produce, and the Saudi/Russia rift, which saw Saudi Arabia cut down oil prices by at least $8.
According to reports, the NNPC has cut April official prices for Bonny Light and Qua Iboe by $5 per barrel.
Meanwhile, due to increase in demand, Bonny Light and Forcadoes are higher. It is estimated that both would load 250,000 barrels per day, while Bonga and Qua Iboe would load 123,000 and 215,000bpd respectively.
There are also expectations for the lifting of at least two cargoes each for Usan and Yoho, four cargoes of Amenam, six cargoes of Egina, and five cargoes each of Brass River and Agbami.
There were fears over the unsold cargoes in a country that largely depends on oil revenues.
The Group Managing Director of the NNPC, had in a summit, said the corporation was grappling with finding buyers for over 50 “stranded” cargoes.
