18 September 2013, Lagos – Angola’s oil exports will rise to around 1.74 million barrels per day, bpd, in November, a shipping list showed, leaving supplies virtually level with top African producer and fellow-OPEC member Nigeria.
Nigeria is normally the continent’s top exporter but a series of theft-related supply disruptions on key grades such as Bonny Light and Brass River have depressed flows onto international markets in recent months.
In October, Nigeria is due to ship around 1.79 million bpd of oil, a shipping list showed, down from an average of over 2 million bpd last year, according to Reuters data.
The drop amounts to a potential $700 million in lost monthly earnings versus the 2012 average, based on current Brent prices.
In contrast, Angolan oil exports were up in October versus September when planned exports were 1.70 million bpd after repairs at the Saturno platform operated by BP.
The oil major lifted a force majeure on this grade earlier this month and the October shipping list showed it would load five cargoes compared to four in September.
– Daily Trust