Nigeri's plan to increase its crude oil export in October may suffer setback as European refinery maintenance is expected to peak in that month, limiting the amount of crude oil they consume.
Despite claims that Nigeria’s refineries are now operational, the country will have to depend largely on imported petrol in the third quarter of 2015.
Nigeria's economy may face tougher times this year due to a cocktail of challenges assailing the country’s crude oil business. The country has been contending with the plummeting crude oil prices and the United State’s shale boom, which resulted to total halt in import to U.S.Besides seeing its oil revenue drastically reduced in the wake of global oil price slump and domestic production shortfalls due to oil theft and pipeline vandalism, Nigeria has been struggling to find buyers for its premium quality Bonny Light crude in recently times.
The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit.
Major oil marketers have warned that fuel scarcity may linger for a while as the federal government has not paid what it owes marketers who imported fuel into the country.
