28 November 2018, Sweetcrude, Lagos — Nigeria’s high-quality crude oil, Bonny Light will witness a drop in export to about 200,000 barrels per day in January, loading programmes obtained from Reuters has said.
Shipments of Bonny Light will fall to 214,500 barrels per day in January from 263,483 bpd in December, based on a schedule that contains seven 950,000-barrel cargoes, compared with December’s programme that contained nine cargoes.
Nigeria’s crude grades have seen slow patronages from buyers in the past few months. A large number of cargoes have gone unsold.
Traders estimation showed nearly a quarter of the December programme remains available for sale, roughly 15 cargoes, however, Chevron had sold a cargo of Nigerian Agbami for January delivery.
Crude grades Qua Iboe and Bonny Light are said to be sold around $1.70 a barrel above dated Brent, showing no change on levels quoted late last week.
Shell Petroleum Development Company Nigeria Limited, SPDC, had lifted the force majeure on Bonny Light exports, in July following the shutdown of the Nembe Creek Trunkline, NCTL by the operator, Aiteo Eastern Exploration and Production Company Limited.
Prior to the declaration of force majeure on Bonny Light exports in May, its exports were already witnessing delays following a leak on the 200,000 to 240,000 bpd Trans-Forcados pipeline.