• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 6 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Is A Recession Really The Next Big Risk For Oil?

Is A Recession Really The Next Big Risk For Oil?

Crude prices have fallen this…

Why Are China’s Fuel Refinery Rates So Low?

Why Are China’s Fuel Refinery Rates So Low?

As fuel prices throughout Asia…

The Biggest Threat To Brazil’s Oil Boom

The Biggest Threat To Brazil’s Oil Boom

Brazil’s oil industry has had…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Rallies, But This Country Can’t Sell Its Crude

Thirty crude oil cargoes are sitting in Nigeria and waiting for buyers, Reuters reports, citing trading sources who added that the cargoes were part of the country’s loading schedule for August and September, and there is still chance to sell them by the end of next month.

The news comes amid a slowdown in oil demand from the biggest consumers of the commodity: Asian economies, whose growth has been faltering recently.

Yet Angola is raising its shipments abroad, Reuters also reported. The country sold 47 cargoes for loading in September and now plans to sell another 49 for loading in October.

The news might suggest there is plenty of oil supply, or at least plenty of Nigerian oil supply: another Reuters report from this week said that Nigerian oil supply might hit a three-month high in October, with daily loadings at 1.12 million barrels, to a total of at least 38 cargoes.

Nigerian supply may be plentiful, but its effect on benchmark prices is limited: despite the reports, which clearly suggest ample supply of West African crude, prices inched up yesterday as concern about the supply squeeze due to follow the reimposition of U.S. sanctions against Iran deepened. The sentiment was helped by the American petroleum Institute’s report of an estimated 5.2-million-barrel draw in crude oil inventories for the week to August 17.

Although official figures from the Energy Information Administration will be released today, the market regularly reacts to API’s estimates. It also reacted favorably to an announcement from the White House that 11 million barrels of crude from the Strategic Petroleum Reserve will be sold soon. This reserves sale is part of a previously announced drawdown for fiscal year 2019 but it will be done now, ahead of the last round of Iranian sanctions, due to come into effect on November 4.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • John Brown on August 22 2018 said:
    Fact! We know that Nigeria has millions of barrels of oil sitting that it can't sell. Yet prices are going up sharply today because of weekly report saying U.S. crude supplies on hand declined more than expected. So never mind that there is so much oil sitting round the largest country in African can't even sell what its got for immediate deliver? You have to love the way the oil industry and related industries manage to manipulate the price? Usually have so much of a product or commodity sitting around you can't sell all of it means lower prices, but not in the oil industry. LOL!

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News