Nigerian Oil Exports Set To Hit 1.73m BPD In October this Year

Here are indications that Nigeria's crude oil will increase to 1.73 million barrels per day in October 2018, up from 22.6 percent over the 1.41 million bpd scheduled for September. The development is a result of the major facelift on Bonny Light by Shell Petroleum Development Company, SPDC. According to a Reuters report, the total exports will rise to 1. 73 million barrels per day (b / d) in October from 1.41 million bpd scheduled for September. The report stated that this year will be bigger than last year's 1.768 million bpd. The report stated: "The export plan incorporated 57 cargoes, compared with 48 freights in September's loading schedule.Both the Qua- Iboe and the Forcados streams will load less cargoes, while Bonny Light contains the same number of cargoes and escravos will load one extra "However, the report noted that these major exports will drop by 14 percent in October to about 540,000 bpd from September's record of 630,000 bpd rate. The export plans, at least, include Pennington, Okwori and Antan. Nigerian oil export plans are being revised with delays, with cargoes being pushed back. Recall that crude oil has been increased by 1.9 per cent. SPDC had declared the major force on May 17, 2018, following the shutdown of the Nembe Creek Trunkline (NCTL) by the operator, Eastern Aiteo E & P Company Limited.

Nigeria's Oil Sales Suffer, US Exports Rise

 

More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market.

 

Reuters reported that tenders to buy oil from companies in India and Indonesia helped to absorb some excess, but there were roughly 30 unsold Nigerian cargoes and a handful from Angola.

 

While Qua Iboe, Nigeria’s largest export grade, was offered at dated Brent plus $1.30, buyers said traded levels were likely to be lower because of an overall excess of light sweet oil.

 

There were also at least five cargoes of Forcados left, though several were partial cargoes.