Nigeria's efforts to sell its oil have been impeded by the ongoing strikes at French refineries and seasonal maintenance at other plants in Europe, leading to a continued challenge in finding buyers.
Although Nigeria has seen a resurgence in production at some key streams, including Bonny Light, which were previously halted due to theft and technical problems, more than 20 shipments for April loading are still seeking buyers. This is similar to 10 days ago when 20 to 25 cargoes, each containing 1 million barrels of oil, were available for purchase.
FGE, a consultancy, reported that sellers have limited options to address the surplus of oil, suggesting that cargo holders may consider reselling their supplies at a lower price or storing the volumes in floating storage until the refinery strikes are over.