Millions of barrels of unsold nigerian angolan oil are piling up over virus
You're referring to the current situation in the oil market, where millions of barrels of unsold oil from Nigeria and Angola are piling up due to the COVID-19 pandemic.
Yes, the pandemic has had a significant impact on the global oil market, leading to a sharp decline in demand and a subsequent glut of unsold oil. Nigeria and Angola, both major oil-producing countries, have been particularly affected by this trend.
According to reports, Nigeria's oil production has been reduced by around 1 million barrels per day (mb/d) due to the pandemic, while Angola's production has been cut by around 500,000 mb/d. This has resulted in a significant buildup of unsold oil, with estimates suggesting that millions of barrels are currently sitting in storage tanks and on tankers at sea.
The situation is particularly challenging for Nigeria, which relies heavily on oil exports to fund its economy. The country's oil production has been declining in recent years due to natural depletion and lack of investment, and the pandemic has only exacerbated the problem.
Angola, on the other hand, has been trying to diversify its economy away from oil, but the pandemic has still had a significant impact on its oil sector. The country's oil production has been declining due to natural depletion and lack of investment, and the pandemic has reduced demand for its oil.
The buildup of unsold oil is not only a problem for Nigeria and Angola, but also for the global oil market as a whole. The excess supply is putting downward pressure on oil prices, which could have long-term implications for the industry.
In response to the situation, Nigeria and Angola are working to reduce their production levels and increase their storage capacity. They are also exploring alternative markets and seeking to diversify their economies to reduce their reliance on oil exports.
Overall, the situation is a complex and challenging one, and it will likely take some time for the oil market to recover from the impact of the pandemic.