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Glut in Nigeria’s Crude Sales, as 20 Million Barrels Await Buyers Nigeria is facing fresh challenges in the global oil market as about 20 million barrels of its crude oil scheduled for December and January loading remain unsold, traders have disclosed. According to market sources quoted by Reuters, the unsold volumes highlight growing difficulties for West African crude producers, including Nigeria and Angola, as they grapple with weak demand and stiff competition from cheaper alternative supplies in the international market. The report noted that Angola’s December–January loading programme also still had between five and six cargoes available, bringing the total unsold West African crude cargoes to as many as 26 for the two loading months. Traders and analysts attributed the situation to an oversupplied global oil market, where buyers are increasingly selective due to abundant options from other regions. Analysts explained that the difficulty in placing Nigerian and Angolan crude is a clear symptom of a broader oil market surplus. This excess supply has weighed heavily on prices, triggering sell-offs in the international futures market. As a result, Brent crude fell below $60 per barrel earlier this week, hitting its lowest level since May. The price drop reflects concerns about oversupply, slowing global demand, and increasing competition among oil-producing nations. For Nigeria, Africa’s largest oil producer, the development raises concerns about revenue pressures, especially as the country depends heavily on crude oil exports for foreign exchange earnings and budgetary funding. Prolonged difficulty in selling crude cargoes could further strain government finances and impact economic planning. Market watchers say unless global demand improves or supply tightens, Nigerian crude may continue to face pricing and placement challenges in the coming months, adding to uncertainty in the country’s oil-dependent economy.

  Nigeria is facing fresh challenges in the global oil market as about 20 million barrels of its crude oil scheduled for December and January loading remain unsold, traders have disclosed. According to market sources quoted by Reuters, the unsold volumes highlight growing difficulties for West African crude producers, including Nigeria and Angola, as they […]

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Gunmen Kidnap Biu LG Vice Chairman, Two Councillors in Borno

  • December 19, 2025
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Suspected armed assailants have kidnapped the newly elected Vice Chairman of Biu Local Government Area in Borno State, Alhaji Saidu, alongside two councillors from the council. The councillors, who represent Zarawuyaku and Miringa wards, were reportedly seized on Wednesday evening while travelling on the Biu–Maiduguri road. The abduction occurred along the stretch between Kamuya village […]

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Buhari Knew Nigerians Were Disappointed With His Tenure, Confesses Daughter

  • December 19, 2025
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Halima Buhari, daughter of former President Muhammadu Buhari, has shed light on the private reflections of her late father, stating that he was conscious of the widespread criticism and dissatisfaction expressed by many Nigerians over his time in office. She made the remarks on Wednesday, December 17, at the public unveiling of a book written […]

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Tinubu Reconstitutes NERC Board, Urges Deeper Power Sector Reforms

  • December 19, 2025
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President Bola Ahmed Tinubu has approved the reconstitution of the Board of the Nigerian Electricity Regulatory Commission (NERC) following the confirmation of its members by the Senate on December 16. The move is aimed at strengthening regulatory oversight and accelerating reforms in Nigeria’s electricity industry. Under the reconstituted board, Dr Mulisiu Olalekan Oseni has been […]

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COAS Directs Speedy Completion of Barracks Housing, Expands Post-Retirement Accommodation Plans

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has directed the immediate acceleration and completion of all ongoing residential accommodation projects across Nigerian Army barracks nationwide, as part of efforts to close existing housing gaps for personnel. The directive was issued on Thursday during his address at the closing ceremony of the 2025 Chief […]

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Senate, Screens Clears 65 Envoy Nominees as Tinubu Readies Additional List

Nigeria’s Senate has given legislative nod to President Bola Tinubu’s diplomatic reshuffle, approving 65 ambassadorial nominees after concluding its screening process on Thursday. The confirmation followed the adoption of a report by the Senate Committee on Foreign Affairs, which reviewed the credentials of the nominees and declared them suitable for appointment. The list comprises 34 […]