Economy
Nigeria’s Oil Exports to Drop to 1.43m Barrels per day in July
By Modupe Gbadeyanka
The volume of oil to be exported by Nigeria in the month of July is expected to drop to 1.43 million barrels per day.
According to a report by Reuters, the export plan showed on Monday this would be the lowest level so far this year.
The loading plans further revealed that in the month of June, the nation is expected to export about 1.796 million bpd.
It was also shown that this month, the oil would be exported with 60 cargoes and 48 cargoes next month.
Nigeria has been given the privilege to produce over 2 million bpd of crude oil by OPEC.
The drop in the volume of oil by Nigeria is due in part to an outage on the Bonny Light stream, which has been under force majeure for a month.
July’s export plan also includes four cargoes of Akpo condensate with 123,000 bpd, compared with four cargoes in June with 133,000 bpd.
The export plans showed one extra cargo of Agbami than in June, as well as one more Bonga and an extra Qua Iboe. It also shows three fewer Forcados and one fewer Escravos.
A number of smaller streams showed no cargoes would load in July.
Nigerian oil export plans are prone to revisions and delays, with cargoes frequently pushed from one month to the next.
Grade July Barrels June Barrels per
cargoes per day cargoes day
Abo none none 1 23,000
Agbami 7 220,000 6 195,000
Amenam 4 122,000 4 127,000
Antan none none 1 32,000
Bonga 6 184,000 5 158,000
Bonny Light* 6 195,000
Brass River 4 99,000 5 88,000
EA none none none none
Ebok* 1 22,000
Erha 5 153,000 4 127,000
Escravos 5 153,000 6 190,000
Forcados 7 195,000 10 289,000
Okono none none none none
Okwori none none none none
Oyo*
Pennington 1 31,000 1 32,000
Qua Iboe 9 276,000 8 245,000
Usan* 2 67,000
Okwuibome*
Yoho none none 1 32,000
Total 48 1.43(mln) 60 1.79 (mln)
