*As country raises prices
OpeOluwani Akintayo
Lagos — Crude oil exports of Nigerian crude grades will rise come February next year, according to loading program seen by SweetcrudeReports.
The country’s major grades, Qua Iboe and Bonny Light crude oil are both set around 230,000 barrels per day for February, a slight rise for Qua Iboe and fall for Bonny Light from the previous month.
Nigeria had raised December/January prices for Bonny Light and Qua Iboe in the loading schedules.
State oil Corp, NNPC raised official selling prices for December Bonny Light to dated Brent plus 128 cents, from plus 58 cents in both months, and Qua Iboe crude oil to 150 cents from 63 cents per barrel, while raising January Bonny Light price to dated Brent plus 251 cents from plus 128 cents in January, and Qua Iboe crude oil to plus 266 cents from 150 cents per barrel last month.
Both grades were last offered at around at least $3.50 above dated Brent and selling for the highest prices since 2014.
Export of Bonny Light had witnessed major setbacks during the year especially with the shutdown of the Nembe Creek oil trunk line.
However, OPEC’s Monthly Oil Market Report, MOMR for November, showed that price of Bonny Light was $64.02 in September, sliding to $61.45 in October.
Despite the drop in price, Bonny Light still carried the highest price tag among all fourteen crude grades belonging to OPEC members in October.
Arab light was sold at $60.99, Basrah Light $59.52, Djeno went for $57.13, Es Sider for $59.78, and Girassol went for $61.34.
Other crude grades produced by members of the Organization for the Petroleum Exporting Countries’ members, such as Iran Heavy was sold for $57.94 in October.
Kuwait Export crude grade was sold at $60.52, Merey $45.69, Murban sold at $60.88, Oriente at $54.60, Rabi Light at $58.98, Sahara Blend at $60.48, while Zafiro was sold at $60.68 per barrel.
OPEC’s fourteen-grade reference basket price stood at $59.91 in October.
