The Nigerian crude oil market remains under pressure — many grades have lost around $1/b in value since the start of October — as an abundance of sweet crude and high freight rates have failed to excite interest from refinery buyers. With traders also saying Nigerian grades account for the bulk of the estimated 65 million barrels or so still unsold from November and December West African crude programs, flagship Qua Iboe hit a 10-month low Wednesday with smaller grade Escravos at a 6-1/2 year trough, Platts data showed. “There is a big overhang, with such cheap Urals and Azeri [Light in Europe] for instance, European refineries can take closer grades and that is clearly affecting WAF grades,” one European refinery trader said. Qua Iboe was assessed Wednesday at Dated Brent plus $0.20/b, the lowest since January 13 and down from Dated Brent plus $1.25/b at the start of […]