In what seems like a repeat of the 1970’s, an oil Glut has hit Nigerian Crude Oil as 60 oil cargo remain unsold on the international market.
This development comes as the demand for Nigerian and Angolan crude on the international market despite a price cut on the commodity.
According to Reuters, a slowing rate of demand from China was also adding to the global crude oil glut being experienced.
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It was also reported that Nigeria had 69 unsold crude oil cargoes for the month of April and May even though the Qua Iboe and Bonny Light Crude are being offered at dated Brent minus $3.
The Nigerian National Petroleum Corporate (NNPC) cut its April official selling price for Qua Iboe and Bonny Light Crude from $5 to dated Brent minus $3.29 and minus $3.10 respectively.
The fall in Global oil prices is seen as a direct consequence of the slowing down of the global economy due to the effects of the Coronavirus.