An overhang of supply continues to weigh on the Nigerian market. Nigeria is expected to cut its official selling prices, which are due imminently. May loading programmes are also due.
Nigeria has a large number of unsold April-loading cargoes because of a drop in demand. Traders earlier this week put the
number close to 30.
Qua Iboe was last offered at dated Brent minus 70 cents a barrel this week, one trader said. That’s the lowest differential in more than a decade, according to the trader and Refinitiv Eikon data.