Nigeria Crude Oil Exports set to hit 10-month high

oil boom

Nigeria’s planned November oil loading programme shows the highest exports since January, plans compiled by Reuters showed on Friday, as major oil streams resume.

Plans show 62 cargoes, with 1.88 million barrels per day (bpd) expected to load during the month, the highest level since militants bombed the pipeline that exports Forcados crude oil in February.

oil-glut

Before the pipeline was hit, February and March exports were planned close to 2 million bpd, but nearly all the cargoes of Forcados were cancelled as the pipeline closed and operator Shell declared force majeure.

From February until recently, export plans for a string of crude oil grades had been patchy and unreliable due to almost relentless militant attacks that took out pipelines and thus production in what is typically Africa’s largest oil exporter.

While Qua Iboe, Nigeria’s largest export stream, and Forcados remain under force majeure, exports are again planned for both of them. The first cargo of Qua Iboe since July loaded earlier this week aboard the South Sea.

 

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