Oil Traders Faces Lower Profits or Losses

Oil traders face lower profits or potential losses as a petrol glut of around 1 million tonnes builds offshore nigeria due to the strike over removal of petrol subsidy.

According to trade sources around 30 vessels are now waiting to offload their cargoes of about one million tonnes of the refined product. The product glut would have a market value of under $900 million, according to reuters calculations based on benchmark european prices.

Traders face lower profits on their exports to nigeria due to the subsidy cuts together with additional demurrage charges due to the offloading delays.