There are indications that international oil market is haunted by low demand as unsold Nigerian stocks have been estimated at between 20 and 34 million barrels. A market survey by Platt showed that bidders for the country’s July-loading heavy and light sweet crudes were not present at the market. A trader, who preferred not to be named, said: “For the time being, it is extremely quiet. No one has tried to jump on these barrels. Refiners are trying to reshuffle their needs. “Some refiners could be opportunistic about buying distressed cargoes,” another trader said. The survey showed that Akpo and Agbami, Nigeria’s best grades in terms of sulfur and gravity, have fallen to a seventh-month low as large quantities of oil from the June and July program remained unsold as traditional buyers sought alternatives. Akpo and Agbami were both last assessed at a 65 cents/b discount to Dated Brent, […]