Most of Nigeria’s May-scheduled cargoes remained unsold on Friday, even as its June export plans emerged in part.

* Nigeria was last heard to have at least 35 of 49 cargoes still available – relatively slow sales for this point in the trading cycle.

* Lighter, sweeter grades of crude, which Nigeria largely has on offer, are oversupplied in relation to current demand, traders have said.

* Protracted OPEC+ supply cuts have taken considerable supply of sour crude off the market, and the sweet-sour supply imbalance has been compounded by two other developments: Mexico’s decision to slash crude exports this month and next, and the United Arab Emirates boosting exports of light Murban crude.

* Nigeria is expected to export two cargoes of Agbami and five cargoes of Escravos crude in June, according to partial plans supplied by a trader on Friday.

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