Demand For Nigeria’s Crude Overgrows Supply - NNPC
Things are picking up for Nigeria’s oil business.
Before now, it used to be stories of glut and how buyers shun Nigeria’s crude.
But the table has turned for good as the Nigeria National Petroleum Corporation has received more demand for its crude than it can supply.
“As we speak now, even the demand for Nigeria’s crude oil is over-subscribed. We have more buyers demanding for our crude oil than what we can supply to them,” the Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said in a telephone interview with a Punch correspondent.
Ughamadu noted that The Netherlands, one of the European buyers of Nigerian crude, was at the corporation’s headquarters a few weeks ago regarding petroleum resources.
“They want to collaborate with the NNPC towards utilising petroleum products for the production of animal feeds. So, more innovations will come up towards utilising the raw materials,” he said when asked about the implications of the growing electric car adoption for Nigeria’s oil exports.
Meanwhile, Reuters reported that spot trading of West African crude was limited on Wednesday as fresh loadings competed with offers from storage and leftovers from the October loading plan.
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