Mon. Nov 25th, 2024

Nigeria’s Oil Exports to Drop to 1.43m Barrels per day in July

crude oil prices

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)

By Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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