Despite the near-record-low liquefied natural gas (LNG) prices, Nigeria has no plans to adjust upward its supply. Exporters from the US to Australia are doing the exact opposite.
Some sources with knowledge of the strategy said that state-run Nigeria LNG Ltd. will maintain the current utilization levels and even spur export levels in August and September according to demand.
According to ship-tracking data compiled by Bloomberg, Nigeria exported more than 1.8 million tons in June, higher than the 2019’s monthly average of 1.7 million tons.
The persisting stance came as some of Nigeria’s buyers have cut buyings from the original long-term contracts. Some excess supply has been successfully being sold into the spot market but at a discount.
Asia is Nigerian LNG exports’ main market with more than half of the purchase, compared to less than a third last year.
