Nigeria’s Banner Oil Hits $12, Millions of Barrels Remain Unsold [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- The real oil market is killing Nigeria.One of the country’s benchmark grades, Bonny Light, fell to about $12 or $13 a barrel this week, according to traders monitoring the West African market. The deeply loss-making level shines a light on a chasm that’s emerged between real crude prices that producers are fetching, and headline futures contracts like Brent, which stood at about $28 on Friday.Swathes of Europe, the staple market for the West Arican nation, have gone into lockdown to combat the coronavirus. Even with prices deeply depressed though, long-haul buyers in Asia don’t want cargoes because there’s also freight to pay and no real need for the barrels since demand has been obliterated. For Nigeria, that could become a particular challenge, since the country has very little space to store supplies if they’re unwanted.“That seems to be the first real point of a bust, with no onshore storage, so it has to go onto ships,” said Spencer Welch, a director on the oil markets and d
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