Demand for Angola and Nigeria’s crude oil has been revised. Three new cargoes have been added to Angola’s June programme, two for Total and one for China’s UNIPEC.
In Nigeria, 20 cargoes of crude oil are yet to be loaded for May while the Nigeria National Petroleum Corporation (NNPC) reports planned production increase to 4 million bpd by 2025 from a current 1.5million.
Nigeria and Saudi Arabia are in partnership talks, which could lead to the construction of a new refinery and more investment in Nigeria’s liquiefied natural gas.
The recently reviewed sanctions from the United States on Iran and Venezeula should have created more demand for other exporters. Buyers have however become more reluctant to buy at the current rate- leading to a further fall in oil price.