Crude oil exports will rise to around 1.93 million barrels per day (bpd) in October from an 11-month low of 1.81 million bpd seen for September, a provisional loading programme showed, helping to replenish global supplies of light, sweet oil.
Supplies for two of Nigeria’s biggest oil streams Qua Iboe and Bonny Light were both up sharply from the previous month following the end of a force majeure on the Bonny grade, the programme showed on Thursday.
This will lift total volumes to around 64 million barrels.
The increase in flows will help replenish global light, sweet supplies that have been capped due to maintenance work in the North Sea. The reduced supplies, combined with Middle East tensions, supported Brent crude oil prices which rose to a three-month high of $117.03 a barrel this month.
The country has mostly exported around 2 million bpd this year, helped by the new Usan grade which began production in February.
The programme did not include Ebok and Yoho grades as shipping lists for these grades were not immediately available. It also excluded condensate exports like Akpo and Oso.
Exports for some smaller Nigerian grades such as Amenam and Escravos are set to fall slightly versus the previous month.
Around half of Nigeria’s oil is sold via pre-agreed annual term contracts sold by the Nigerian National Petroleum Corp (NNPC) to local and international trading houses and refiners.
The rest is allocated to oil majors with equity volumes like Royal Dutch Shell.
In September, Nigerian exports were due to fall to around 55 million barrels compared with around 68 million in August, a provisional loading programme showed in July.
REUTERS