Nigeria Struggles to Secure Buyers for Its Crude Oil Amidst Strikes and Maintenance in European Refineries
Nigeria, one of the major crude oil exporters in the world, is facing a significant challenge in finding buyers for its oil due to recent strikes in the French refining sector and seasonal maintenance at refineries across Europe. This has resulted in a decrease in Nigerian sales and left between 20 and 25 shipments of crude oil for loading in April still seeking buyers, with each shipment comprising approximately one million barrels of crude oil.
Bloomberg's tanker tracking data reveals that France, which has traditionally been one of Nigeria's largest buyers of crude oil, has only received an average of 110,000 barrels per day over the past year. This represents a major setback for Nigeria's oil industry, which heavily relies on exports to generate revenue.
