Demand for Nigerian oil “dire” as U.S. competition ramps up
Nigeria has the same problems with LNG. They have the misfortune to be located in the Atlantic Basin where the consequences of the US shale juggernaut are most strongly felt suppressing prices and plugging capacities. Nigeria is a big LNG player – they should be developing new markets for their produce. Not only markets that can quickly be eclipsed by other producers but captive markets, markets that won’t easily switch towards the better bigger deal. The African continent is in permanent fueling dire straits. Indeed, Nigeria, the home of NLNG itself would need liquid fuels in order to make power supply stable and provide a relief valve to the constant diesel shortages. But this would demand active market development – not one of the strong suits of NLNG.
Nigerian oil has suffered its slowest sales of the year in August, traders said, as U.S. exports of competing light, sweet grades flood traditional markets in Europe and Asia.
