Nigeria To Miss Oil Export Target For October
Nigeria’s oil export has improved lately to close to 2 million bpd due to suspension in hostilities on oil facilities by militants in Niger Delta.
However, despite that, the country’s total exports are set to slip in October, possibly to a five-month low, according to loading programmes.
According to a Reuters’ report, export plans for most grades were showing levels of roughly 1.72 million bpd, compared with 1.88 million bpd in September.
While some cargoes would likely be added, the current plan stands at a five-month low, and was expected to remain slightly below September’s loadings of 1.88 million bpd, the report stated.
August’s exports had been on track to exceed two million bpd, a 17-month high, but the closure of the export pipelines for Bonny Light crude pulled them lower. The final schedule also included about 1.88 million bpd.
Nigeria’s oil output has rebounded this year, aided by concerted government efforts to placate militants in the restive Niger Delta region where the bulk of the nation’s crude is produced, but it has struggled to maintain peak output levels.
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