Nigeria’s Oil Goes Unsold as Tax Clawback Shakes Confidence
- As much as half of Nigeria’s July supply awaits buyers
- Angolan supplies sold out as demand from China remains healthy
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A glut of unsold Nigerian oil has built up again with as much as half of output due to be loaded next month still searching for buyers.
Traders of the nation’s oil said the surplus has been caused in part by a request for back taxes from shipping companies, which caused a wariness among some of the firms about sending their vessels to collect the west African nation’s barrels.