Nigeria’s Oil Goes Unsold as Tax Clawback Shakes Confidence

A glut of unsold Nigerian oil has built up again with as much as half of output due to be loaded next month still searching for buyers.

Traders of the nation’s oil said the surplus has been caused in part by a request for back taxes from shipping companies, which caused a wariness among some of the firms about sending their vessels to collect the west African nation’s barrels.

While the government subsequently clarified that there would be a six-month grace period to comply with the tax request, traders said the lack of sales demonstrated that Nigeria needs to do ...