Nigeria Sits on 34 Mln Unsold Barrels Oil

Apparently, there's 20-34 million barrels unsold Nigerian crude, because lots of buyers are opting for US light crude because it's cheaper. If we add to that the 18-month high levels of floating oil storage in Europe those upbeat demand forecasts start looking a bit doubtful, no?

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And watch the price fall off a cliff when the speculators start to panic.  People with forward contracts into huge unsold piles tend to get nervous.

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