Lagos — Nigeria will increase the export of two of its crude grades in July as a sign that the full lockdown caused by the COVID19 virus across the globe is gradually easing.
Loading schedules sourced from Reuters showed a higher output of key grades in the country’s July crude oil loading programmes.
Export of the country’s key crude oil grades, Forcados and Qua Iboe, will jump in July, while Bonny Light will edge slightly lower, loading programmes showed on Tuesday.
Forcados crude oil exports are set to jump to 272,000 barrels per day in July, from 190,000 bpd in June, while Qua Iboe will load at a rate of 215,000 bpd in July, up from only 95,000 bpd in June.
The Agbami and Escravos programmes will have five cargoes each in July.
The country’s Bonga crude oil export terminal has begun a two-week routine maintenance, which began on May 21, according to the operator, Shell.
As the country’s exports pick up, the Nigerian National Petroleum Corporation, NNPC has also raised prices at which its crude oil grades will be sold next month.
The country’s July crude oil loading programmes showed higher output on key grades after it reduced production in May and June to meet the output cut deal led by the Organisation of Petroleum Exporting Countries, according to Reuters.
The NNPC was reported to have raised June official selling prices on Friday for both Bonny Light and Qua Iboe crude oil to dated Brent minus $1.05 per barrel.
The May differential for Bonny Light was dated Brent minus $3.95 per barrel and for Qua Iboe, minus $3.92.