Millions of barrels of Nigerian and Angolan crude remain unsold in the December and January loading programs, as they struggle to compete with ample supply and cheaper cargoes, traders and analysts have told Reuters.
Nigeria alone had about 20 million unsold cargoes as of December 17, two traders told the publication. In addition, there are a lot of Angolan cargoes still waiting for buyers for the December and January loadings.
As many as 26 cargoes remain unsold, signaling that there is a lot of supply from other producers and much of this supply is cheaper than West Africa’s.
China, for example, has accelerated purchases of Saudi crude oil for January to the highest volumes in five months, after the world’s top crude exporter slashed its official selling prices for Asia to the lowest premium over benchmarks in five years.
Chinese refiners have nominated almost 50 million barrels in total of Saudi crude volumes for January loading, about 10 million barrels higher compared to the December volumes and the highest level Chinese refiners have booked for one month since August this year.
Oversupplied markets will keep oil prices under pressure next year, and the U.S. benchmark will average below $60 per barrel, the monthly Reuters poll of analysts and economists showed at the end of November.
The U.S. benchmark, WTI Crude, is expected to average $59 per barrel in 2026, according to the poll of 35 analysts and economists. That’s lower compared to the $60.23 per barrel forecast in the previous month’s survey.
Despite geopolitical flare-ups in recent days, Brent Crude prices slipped to the lowest level since May below $60 per barrel amid persistent concerns about a large oil glut in early 2026. Even a blockade on sanctioned tankers carrying Venezuelan crude ordered by U.S. President Donald Trump did not move prices for more than a day.
By Charles Kennedy for Oilprice.com
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