Anxiety as Nigeria struggles to sale loaded crude cargoes upon jumping oil price
…Crude now stands at $85 with chances of hitting $100 before year end
Contrary to speculations by industry pundits that Nigerian economy stands on a pedestal to earn more as crude oil prices continues it jumping spree to $85, lack of international buyers are hobbling the joy of rising price.
Details secured by Business Hilights Abuja Bureau chief on Wednesday in NNPC showed that there is overhang of close to 20 unsold cargoes from the 58-strong October loading programme that are yet to be bought.
Besides, there are apparent fears that the November programme, which insiders say will be the largest in six months, is currently faced with anxiety over dearth of demand.
It was discovered that spot trade has been on the downward trend since this week as public holidays in China kept bidding at bay, although the backdrop for the West African market was healthy with flows to Asia set to reach their highest in two months in October, according to Reuters.
Whereas Nigeria’s October programme is yet to get off the cargoes on high sea markets, the Angolan November programme had about 10 cargoes left, down from about a dozen late last week, traders said.
