Nigeria’s crude oil is under serious pressure at the international market, as Asian refiners have increasingly been moving away from their usual favourite, frequently opting for United State (U.S) crude oil, the Organisation of the Petroleum Exporting Countries (OPEC) has said. Besides, Nigeria’s crude oil production declined by 54,200 barrels per day (bpd) from the 1.792bpd it recorded in September to 1.738 bpd in October. OPEC, which made this disclosure in its November monthly oil report yesterday, said Taiwan’s latest tender showed Asians’ more appetite for U.S. crude oil and this would eventually lead to overhang of Nigeria’s crude oil. It noted that differentials for Nigerian crude were also under pressure on low U.S. refining demand and with Chinese refiners increasingly switching their slate to use more U.S. crude over the last few months. OPEC disclosed that during the month under review, trade was limited and some tenders that […]