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Nigeria’s Crude Oil Export Set To Rise In October



Nigeria is set to witness oil exports rise and may hit highest in four months in October as a result of supply of several larger grades coming back online after a series of pipeline outages in the last couple of months. According to Reuters, loadings of Nigerian crude will rise to 1.73 million bpd, from September’s 1.41 million bpd. The report states that October’s will be the largest programme since June this year, but smaller than last year’s 1.768 million bpd. The export plan comprised 57 cargoes, compared with 48 cargoes in September’s loading schedule. Both the Qua Iboe and the Forcados streams will load fewer cargoes, while Bonny Light contains the same number of cargoes and Escravos will load one extra. Exports of these three major streams will drop 14 per cent in October to around 540,000 bpd from September’s 630,000 bpd rate. The export plans showed several smaller streams will add at least one cargo in October, including Pennington, Okwori and Antan. Nigerian oil export plans are prone to revisions and delays, with cargoes frequently pushed from one month to the next, the report said.