• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 39 mins Shale Oil will it self destruct?
  • 2 days NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 13 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 7 hours Migration From Eastern Europe Raises German Population To Record High
  • 8 hours Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 19 hours Germany exits coal: A model for Asia?
  • 1 day Carrot And Stick: North Korea Suggests It Might Lift Weapons Test moratorium
  • 1 min Washington Post hit piece attacking oil, Christians and Trump
  • 1 day South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 15 hours Starlink Internet Courtesy of Tesla
  • 19 hours A Silence is heard
  • 2 days U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Alt Text

Oil Halts Slide On Crude Draw

Oil prices regained some lost…

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play