Projected revenue from the sale of crude oil may be affected as a number of crude cargoes from June loading programmes have remained unsold.
This is according to trading data received by Reuters.
Out of a total of 60 cargoes from the June loading, buyers have taken up 40 — at a time when July programmes have already been released.
Qua Iboe, Forcados and Bonga along with a few smaller grades released for July programmes were added to the unsold 20 cargoes leading to a large volume of Nigerian crude in the market.
Angola, another West African crude oil trader, has sold 42 out of the 43 cargoes it presented to traders although it was believed that Total sold a cargo at a discounted price to the current price of Brent crude.
As at 10:30am on Wednesday morning, Brent crude traded at $79 higher than the $51 crude oil benchmark for the 2018 budget.
Although the oil sector contributes less than 10 percent to the nation’s gross domestic product according to the latest report released by the National Bureau of Statistics, it accounts for more than 70 percent of the nation’s earnings.
Nigeria’s Bonny Light supply to the market is less than usual as a result of a force majeure declared by Shell after the shutdown of the Nembe Creek Trunk Line (NCTL).