Financial Energy Review
by James Ikenna………..
There are indications that Nigeria may offload her backlog of 35 cargoes of crude oil to two India Refineries.
The cargoes are part of July spot trading programme that are waiting to be sold to two India International oil companies (IOCs) which have put up tenders for the cargoes.
Though it is not too clear whether the tenders put up by the India IOC will all go the way of Nigeria as Angola is said to have outstanding cargoes waiting to be sold for July programme. This is because the tenders from the India refineries are said to be for West Africa cargoes..
Generally traders have noted that demand for Nigerian crude oil for July has been quite low. This low demand obviously has been because of the Corona virus pandemic.
The tenders from India for the West African crude is said to be for a 2 million barrels cargoes loading July 4-13 and the other for 1 million loading Aug. 1-10 and both are set to close today.
