West African oil producers are struggling to find buyers for December- and January-loading cargoes, as abundant and cheaper alternative supplies weigh on the market, Reuters reported.

Approximately 20 million barrels of Nigerian crude and five to six Angolan cargoes remain unsold, reflecting a broader global crude supply surplus that has pushed Brent below 60 U.S. dollars per barrel, its lowest level since May. 

The volume of unsold oil is unusual for this stage of the trading cycle, typically two months ahead for West African shipments. Earlier estimates placed the overhang at 40 million barrels for both countries combined. The surplus has also slowed the start of the February trading cycle, despite Angola’s term nominations and loading schedule already being released.

Analysts said market softness is partly seasonal and partly due to changing buying patterns in response to freight costs and alternative sources. Francisco Gutierrez, an analyst at OilX, noted that Angolan January trade is about 20 percent behind its long-term average, as China shifts to cheaper or closer crude grades.

Supplies from the Middle East are displacing medium- and heavy-density West African crudes in Asia, benefiting from lower official selling prices and shorter voyages. Meanwhile, India’s oil imports from Russia remain strong despite Western sanctions, further displacing medium-heavy West African grades. Light to medium-density West African barrels face competition from Argentine and Brazilian supplies.

Domestic factors are also contributing to the glut. Nigeria must sell more crude as Africa’s largest refinery, the 650,000 barrels-per-day Dangote plant, is expected to reduce imports during January maintenance, Grabenwoger added.

The situation underscores increasing pressure on West African oil exporters, who face not only global oversupply but also shifting demand patterns and heightened regional competition.