OIL: Nigerian Tax Reclaim Leaves July Crude Cargoes Unsold

Nigeria is dealing with a glut of unsold crude cargoes because of a request to collect back taxes from shipping companies which is putting off buyers according to Bloomberg.

• As much as half of output due to be loaded next month is still searching for buyers based on its reports.
• The government subsequently clarified that there would be a six-month grace period to comply with the tax request in a bid to instil confidence, but buyers appear wary of purchases.
• There are between 20 and 22 cargoes that remain unsold for July.
• The tax bills relate to apparent unpaid duty between 2010 and 2019.