Global energy data, financial information and analytics company, S&P Global Platts, disclosed that more than 50 million barrels of Nigerian crude oil for late April and May 2020 loading are still unsold, while the overhang is forcing down the value of Nigeria’s crude oil. In a report on its website, Platts stated that Nigerian crudes, which are largely low in sulfur and yield a generous amount of diesel, jet fuel and gasoline, are finding it very difficult to attract interest from refiners in a market where demand has been battered due to the Coronavirus pandemic. “A lot of Nigerian crude is already floating on the seas and in storage tanks with no home and destination. Some sellers have no option but to continue to look to floating storage, even as freight rates remain at elevated levels,” S&P Global Platts stated. According to Platts, the sheer weakness of the physical […]