18 February 2019, Sweetcrude, Lagos — Loading schedules for Nigerian crude oil and prices could be further threatened this week following the postponement of the country’s presidential and other elections earlier planned to hold on Saturday.
The Independent National Electoral Commission, INEC had postponed its presidential election to Saturday 23 February.
But traders say the postponement could lead to longer-than-expected delay on the release of loading schedule for April.
Prices of the country’s crude grades could drop further too, he added.
A market report from traders as at Friday disclosed that between 15 and 20 cargoes were left in the March loading programme, adding that uncertainties in the outcome of the elections which ought to have taken place two days ago, already raised doubts on the release of loading programmes.
Already, a sect of militants in the Niger Delta, the Avengers have threatened to return to the creeks and take up arms if the current president, Muhammadu Buhari is reelected, casting further doubt on trading in Nigerian crude grades and their prices.
Attacks on oil facilities in the region had seized since January 2017, allowing a pick up in the country’s crude oil production.
Two pending tenders from Indian Oil Corp and from other countries were reported on Friday.
Qua Iboe on Friday, traded at around dated Brent plus $1.80-$1.90 a barrel as against $2+ per barrel, indicating a not-too-strong market.