Nigeria’s October crude oil export to hit record high

NIGERIA oil exports have been projected to hit their highest in four months in October as a result of supply of several larger grades coming back online following a series of pipeline outages in the last couple of months.

According to Reuters, loadings of Nigerian crude will rise to 1.73 million barrels per day (bpd) from September’s 1.41 million bpd. October’s will be the largest programme since June this year, but is 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.

• Real reason why Esan Youths attacked Obaseki

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.