Nigeria’s crude oil export set to rise in March

*Bonny River Oil Terminal.

*Bonny River Oil Terminal.

26 January 2016 — NIGERIA’s crude oil export is set to rise in March, a compilation of loading programmes showed yesterday.

This, according to data obtained from Reuters, is coming on the heels of the lifting of force majeure declared by some oil companies, while it added that the increase was in spite of the fact that the Nigerian National Petroleum Corporation, NNPC, raised the official selling prices for Nigeria’s crude oil gradesfrom more than 10-year lows, reflecting the stronger market.

The report, however, did not state the price at which the NNPC is selling the crude oil grades. Several key grades, according to the report, were set to increase from the previous month, including Bonny Light, Bonga, Forcados, Brass River and Escravos, early loading programmes showed.

The report said one of the 10 cargoes of Qua Iboe set for March loading was also deferred from the February programme, setting it slightly higher than the previous month.

Since the February export plan was issued, ENI has lifted its force majeure on Brass River crude, while Shell has reopened the Trans Niger Pipeline which carries Bonny Light to the export terminal.

The report further noted that March exports already included 62 cargoes, or 56.7 million barrels of oil, compared with the 59 cargoes and 55.2 million barrels originally planned for February.

The barrels per day (bpd) total of 1.83 million was below February’s initially planned total of 1.9 million bpd, due to the shorter month, but several programmes were still pending, making March likely to surpass that figure.
*Agency Report

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