21 August 2017, Sweetcrude, Lagos — Nigeria’s total crude oil exports for October will drop by 16,000 barrels per day in line with the country’s pledge to cut oil exports following its meeting with the Organisation of the Oil Exporting Countries, OPEC, and non-OPEC in July.
According to Reuters, Nigeria’s export will slip to a five-month low, to 1.72 million bpd in October from 1.88m b/d in September, although some cargoes may likely be added.
Exports for August is said to exceed two million b/d, a 17-month high.
However, exports for October dropped due to shut-ins from the closure of Bonny Light export pipeline.
Shell lifted its latest force majeure on Bonny Light early last week.
According to available data, three cargoes of Akpo condensate with 97, 000 b/d, will also be on loading in October as against four cargoes of 133, 000 b/d in September.
It stated that key grades: Bonny Light, Brass River, and Qua Iboe loading plans were all smaller than the September programmes, and there were no exports planned for Abo, Antan or Pennington.
Forcardos exports were scheduled to rise to 256, 000 b/d and loading for Erha also showed an increase.
The Nigerian National Petroleum Corporation raised official selling prices in September for Bonny Light and Qua Iboe oil to dated Brent plus 48 cents and 82 cents per barrels.
The August differential for Bonny Light was dated plus three cents, while for Qua Iboe, it was 13 cents per barrel.
Sanangol had allocated all but two of its October loading cargoes, one Dalia and one Saturno. It offered each at premiums of 15 cents versus dated Brent.