NewStats: 3,263,087 , 8,179,061 topics. Date: Wednesday, 04 June 2025 at 04:17 PM 61q6n

20 Nigerian Crude Oil Ships Stranded In International Market Over Reduced Demands In , Spain, India, Others

At least 20 ships with Nigeria’s crude oil are reportedly stranded in the international market as the country finds it difficult to get buyers for the product as strikes at refineries in and maintenance in other foreign countries including Spain, India, the US and Ivory Coast reduced demands of crude oil.

According to a Bloomberg report, the situation is similar to 10 days ago when 20 to 25 shipments with about 1 million barrels of oil each were in the market looking for buyers.

Oil market experts have said that sellers have few options for the oil glut as cargo holders could resell their supplies at discounted costs or hold the volumes in floating storage until refinery strikes are over.

Reports showed that the Organisation of Petroleum Exporting Countries (OPEC) cut about one million barrels in new inflation risk. It was reported that OPEC made a shock million-barrel cut in new inflation risk after announcing a surprise oil production cut of over one million barrels per day, abandoning previous promises that it would hold steady supply. This is said to be posing a threat to the global economy.

It was noted that the cut is a significant reduction for the market, which has faced price fluctuations. Meanwhile, oil fortunes skyrocketed to as much as 8% in New York on Monday, as gasoline gained in price, putting further inflationary pressures which could force interest rate hikes by central banks.

This comes as Spain has become a top destination for Nigeria's crude oil.

Recall that in the Second Quarter (Q2) of 2022, Spain was named the biggest buyer of Nigerian crude oil, while India, , Netherlands, Indonesia, and the UN competed as the top five buyers of Nigerian crude.

The National Bureau of Statistics (NBS) in its foreign trade report said that other top sources are South Africa, Ivory Coast, Portugal, and Italy. Reports say Spain bought N580.2 billion of crude oil between July and August in Nigeria. India bought crude oil valued at N559 billion. Nigeria sold about N413.83 billion of crude oil to , Netherlands bought N396.51 billion.

Also, Indonesia bought N406 billion of oil from Nigeria, and the US purchased about N292.83 billion of crude.

Earnings from oil export increased marginally in February last month, as oil output surged by 100,000 barrels per day, amounting to an increase of 2.8 million barrels in the month, data from Reuters said.

An analysis of the data indicates that an increased crude oil production by 100,000 daily translates to a 2.8 million output in February 2023.

In March, 2023, the Nigerian National Petroleum Company Limited (NNPC) appointed the former Vice President of the Abu Dhabi National Oil Company, Jan-Marc Cordier, as its head of the oil trading firm, NNPC Trading Limited.

It was reported that Cordier’s appointment was the first time the NNPCL has hired a foreigner to head a critical part of its operations.

https://saharareporters.com/2023/04/04/20-nigerian-crude-oil-ships-stranded-international-market-over-reduced-demands-

Stranded ke?

We really need to diversify our economy

A very cold winter is coming to Nigeria.
Finally, Naira will soon bottom down faster than Ben Johnson.

The west want to negotiate, our leaders should please be mindful not to negotiate our future away, I believe there is a strategic revolution coming from African nations to totally free Africans from slavery. Africa should be ready because the west won’t take it lying down. If Africa is ready the leaders should carry their people along and truly be ready.

African leaders should train and sponsor people to reorientate our people to start thinking highly of Africa and show confidence in the greatness of Africa.

African leaders please Africans, educate us about true survival, show us that you care, feed the disadvantaged as humans not as slaves teach us how to build and not tear down, show us value in self preservation, honesty and professionalism.

The way you care and respect us your people will force the west to respect all of us. We need to feel and be humans too, black race are the most disrespected in the world while we should be the most respected. Let’s earn our respect and not beg for it.

Sponsor people to identify gifted children, students and train them specially to work for Africas greatness

Nigeria economy should be openly diversified. It is long overdue

Oil don see pepper for Nigeria hand.

Same Oil wey Saudi Arabia get.

Some times I wonder if it's palm oil we have.

witsel4:

It would have actually been good if we exported palm oil instead of crude oil.
NB: A barrel of crude oil is around $87 but a barrel of palm oil is around $600. So which is better?

As long as we have those thieves in power, none is better. They'll still find a way to loot.

Even Anointing Oil can't save Nigeria's economy.

Tobijays:
Put Nigerian population inside Saudi!

Compare amount of Nigeria's Natural resources to Saudi's. Population aside, Nigeria's problem is Over dependence on oil, and even the revenue from the oil, bad leaders have stolen everything.

Do you think Saudi's economy is over reliant on oil.

China doesn't have oil, infact China has more population than Nigeria, are we living better than they are?

Russia, the largest exporter of oil, is their economy oil based? Can Nigeria survive the sanction that Russia is surviving. Russia has about 130m people.

Even if Nigeria has little population, with these crop of leaders, the country will still remain the way it is, feel free to disagree.

Heck,how many functional refineries does your country have?

dre11:
20 Nigerian Crude Oil Ships Stranded In International Market Over Reduced Demands In , Spain, India, Others



https://saharareporters.com/2023/04/04/20-nigerian-crude-oil-ships-stranded-international-market-over-reduced-demands-

Na loss of revenue be dat.

We've wasted and looted all the resources we get from crude oil, by now Nigeria would have been the giant of Africa and be competing with other developed countries in the world.

Our leaders n politicians are busy sucking this nation dry. Everyday prices of things keep rising n the masses are just sitting down watching them getting away with whatsoever they desire to do with us .

We need to wake up and realize that this people are not there for us, everything day do is to their benefit.

I no fit shout abeg

Diversify

Dey should go to court fa!

Something wey never reach us here ?

What ing this excess to generate 24/7 electricity in Nigeria?

I need old inactive fiverr seller send me a WhatsApp message through the number on my signature

Dbull on this one!


Am still saying it, very soon my music might be Nigeria's next biggest export, fg better come and invest in my music

Jessyjeff:
A very cold winter is coming to Nigeria.
Finally, Naira will soon bottom down faster than Ben Johnson.

What do you guys gain celebrating the downfall of your country?

Hehehe .

Oil go soon cast, Nigeria need to diversify her economy or we are in for a long thing.

Nothing good will ever come out from Nigeria

okay oo

I pray the crude oil remain where it is for months till they eventually reduce the price to sell them off. This will make the government to start working on improving other sector to generate income for the country.

TheFacelessMan:


What do you guys gain celebrating the downfall of your country?

Pls don't classify nigeria as a country

I pray make BALABULU leg good for naija o

Jessyjeff:
A very cold winter is coming to Nigeria.
Finally, Naira will soon bottom down faster than Ben Johnson.

We've been shouting let's diversify since so long, but nothing happened, what will now happen to our economy..

Double wahala for dead body.

Amidst global inflation, skyrocketing debts, increased interest rates, unstable economy and lack of debt approval from creditors.

Make them bring am come back,my brothers in pH ,will go and boil it inside bush

TheFacelessMan:


What do you guys gain celebrating the downfall of your country?

don't mind that man

Bring back our oil. Build functional refineries and let's refine oil here.

nice one
the earlier we go broke with the oil
the faster our sense returns
without oil we would have been a better country

EnterpriseMan:

Pls don't classify nigeria as a country

What do YOU classify it as ?

This is what you get when you don't vote visionary and committed leaders.

MetroLane:
Oil don see pepper for Nigeria hand.

Same Oil wey Saudi Arabia get.

Some times I wonder if it's palm oil we have.

It would have actually been good if we exported palm oil instead of crude oil.
NB: A barrel of crude oil is around $87 but a barrel of palm oil is around $600. So which is better?

Exam question...

Nigerian Oil - A Blessing or a Curse? Discuss.
--30Marks

TheFacelessMan:


What do you guys gain celebrating the downfall of your country?

Wrong, i aren't celebrating. I just pointed out what could be the repercussion if the trend continues. It's exactly what it is!