Nigerian crude sales remain weak

West African crude differentials stayed under downward pressure on Thursday due to weaker demand amid the coronavirus outbreak and a surplus of Nigerian and other light sweet crude.

Nigeria has about 40 to 50 unsold cargoes due to a drop in demand, according to traders and the state oil company.

There is a strong supply of competing crude, a trader said, such as Azeri Light. Qua Iboe was last offered at dated Brent plus $2.00 and a trader expected sold prices to be lower.

 

Source: Reuters

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