India mop up Nigeria’s crude amidst recovering demand

As countries begin to lift months of lockdown caused by the COVID19 virus, Asian country, India is starting to import more crude oil from Nigeria.

Indian oil firms took in about 5-6 million barrels of Nigerian crude last week and so far, 2 million this week, a report by Reuters said, quoting trading sources.

India’s IOC was also said to have awarded a tender to Total for Akpo and one other cargo.

However, reports say Nigeria still has about 50 unsold cargoes as European buyers drastically reduce order.

Demand for more oil is beginning to pick up in both India and China as prices drop due to market glut.

And to boost prices, OPEC+ decided to cut a combined 9.7 million barrels per day of production.

Prices have crashed over 65 percent since the pandemic hit economies around the world.

And as OPEC and others commit to the cuts, the group will meet next on June 10 to review commitment.

SOURCE: sweetcrudereports.com