Nigeria is sitting on between 20 and 34 million barrels of unsold crude, Nigerian media report , quoting a Platts survey of tenders for July loadings. This goes counter to upbeat forecasts about global demand that were in no small part responsible for the latest oil price rally. This rally has now been reversed into a slide by a combination of geopolitical developments, notably the U.S.-China trade dispute, and the expectations that OPEC and Russia will soon begin to pump more oil. Apparently, some traders want to buy crude at even lower prices. As one trader told Platts, “Some refiners could be opportunistic about buying distressed cargoes.” Indeed, Nigeria’s two highest-quality grades, Akpo and Agbami, are currently selling for the lowest prices in seven months because of rising unsold stockpiles. One reason for the discount, says Platts, is that the spread between Brent and WTI is wide enough to […]