26 December 2014, Lagos – Nigerian crude oil exports in February are set to fall to around 1.87 million barrels per day (bpd) from around 2.03 million bpd in January, shipping lists showed on Tuesday.
This is just as the Kingdom of Saudi Arabia, the swing oil producer, has maintained that the Organisation of Petroleum Exporting Countries (OPEC) will not cut production even if the price of oil drops to $20 a barrel, adding that it will be unfair to expect the cartel to reduce output if non-members do not.
According to Reuters, Nigeria’s export levels for February are expected to be lower due to less of the benchmark Qua Iboe grade, traders said, citing expected maintenance by ExxonMobil at its Eket terminal.
However, exports levels were still higher than for much of 2014, as there was relatively strong production of other Nigerian grades such as Brass River (Agip) and Bonga (Shell).
Traders said the programme was not small enough to provide much support to differentials which remained around five-year lows.
In the meantime, OPEC will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia has said
– This Day