Nigeria’s Oil Exports To Hit 4-Month High In October
Nigeria's oil exports are expected to rise to their highest in 4 months in October, thanks to supply of several larger grades coming back online following a series of pipeline outages in the last couple of months.
Reuters reports that loading of Nigerian crude will rise to 1.73 million barrels per day, 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% in October to around 540,000 bpd from September's 630,000 bpd rate.
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.
Meanwhile, Nigeria has recorded a significant increase in oil export revenue as it earned an estimated $26 billion, about 9.3 trillion naira between January and July this year.
Nigeria saw its oil export revenue rise by 30% to $34 billion in 2017 from $26 billion in 2016, according to the new OPEC Revenues Fact Sheet released by the Energy Information Administration on Tuesday.
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