80m barrels of Nigerian crude unsold on global glut

Nigeria’s oil sector, the lifeblood of its economy, is grappling with a burgeoning crisis as a staggering 80 million barrels of crude oil, slated for export in April and May 2025, remain without buyers, according to exclusive data obtained by BusinessDay.

This backlog is casting a shadow over the nation’s revenue projections and exacerbating existing challenges within its energy industry.

Data seen by BusinessDay showed that over half of Nigeria’s scheduled crude oil cargoes for the upcoming months have failed to secure buyers.

The total unsold volume, estimated at over 80 million barrels, is derived from the sum of all available cargoes listed in the document.

Read also: Turkey eyes oil exploration in Bulgaria, Iraq, Libya

These cargoes span a wide range of crude grades, including popular blends like Bonny Lite, Forcados, Qua Iboe, and Escravos, as well as lesser-known grades such as Djeno, Girassol, and Mostarda.

The sheer diversity of unsold grades suggests that the issue is not confined to a specific type of crude but is a systemic problem affecting Nigeria’s entire oil export portfolio.

Experts admitted that although while Nigeria’s high-grade crude oil is internationally recognised for its quality, the current market dynamics, characterised by persistently lower global crude oil prices and an increasingly competitive landscape, are reportedly creating a formidable hurdle for Nigeria’s pricey crude grades.