Nigerian to export more crude oil in October

Nigeria’s oil exports are expected to rise to their highest in four 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. Loadings 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 percent 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.  

Grade       Oct       Mln bpd   Sept       Mln bpd 

          cargoes                     cargoes   

 Abo         none         none      none       none

 Agbami        6       189,000         6     195,000

 Amenam      3         92,000                     

 Antan           1         31,000                     

 Bonga          6        184,000         5     158,333

 Bonny          5       153,000          5     151,667

 Light*                                   

 Brass            5       115,000                     

 River                                    

 EA                 1        31,000                     

 Ebok*          none      none                     

 Erha               3        92,000          4     126,667

 Escravos        6       184,000         5    158,333

 Forcados        9       201,000         10   225,000

 Okono                                             

 Okwori           1      113,000                     

 Pennington     1      31000                     

 Qua Iboe         6     184000            8    253,333

 Usan*              2       62000            3    100,000

 Okwuibome*   1      32,000                     

 Yoho                1       31000            2      41,667

 Total              57       1.73              48     1.41

 Table detailing supply of each of the Nigerian crude grades tracked by Reuters