Nigeria : oil exports set to hike by 22.6% in October

Nigeria regains position as Africa's largest oil exporter. Photo RR

Casablanca – There are indications that Nigeria’s crude oil export will increase to 1.73 million barrels per day (bpd) in October 2018, up by 22.6 per cent over the 1.41 million bpd scheduled for September.

The development may have occurred as a result of the lifting of force majeure on Bonny Light export 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 October’s loading will be the largest programme since June this year, but is smaller than last year’s 1.768 million bpd.

The report stated: “The export plan comprised 57 cargoes, compared with 48 cargoes in September’s loading schedule. Both the Qua- Iboe and the Forcados streams will load fewer cargoes, while Bonny Light contains the same number of cargoes and Escravos will load one extra.”

However, the report noted that exports of these three major streams will drop by 14 percent in October to about 540,000 bpd from September’s record of 630,000 bpd rate.

The export plans showed several smaller streams will add, at least, one cargo in October, including Pennington, Okwori and Antan.

Nigerian oil export plans are prone to revisions and delays, with cargoes frequently pushed from one month to the next. Recall that crude oil export to the global market in July had increased by 1.9 per cent.

SPDC had declared the force majeure on May 17, 2018, following the shutdown of the Nembe Creek Trunkline (NCTL) by the operator, Aiteo Eastern E&P Company Limited.

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