Commodities trader, Vitol, has signed a 10-year deal with Nigeria Liquefied Natural Gas to buy 500,000 tonnes of LNG per year, ramping up its long-term presence on the market.
“The agreement underscores NLNG’s drive…to deliver LNG on a global scale in a low carbon world where gas/LNG will continue to be the preferred complementary energy source alongside renewables,” Vitol said in a statement. Vitol said it would purchase volumes from Trains 1, 2 and 3 of a six-train NLNG production facility on Bonny Island under the sales and purchase agreement, which was signed on Dec. 11 and will start in October 2021.
“Despite the additional curbs … and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day , global oil inventories could build by 700,000 bpd in Q1 2020,” the Paris-based IEA said in a monthly report.
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