Nigeria’s oil exports to rise on new stream

Nigerian oil exports will jump to their highest level in four months in April as output from a new crude stream starts to flow, sources said weekend. The increase in Nigerian oil production, much of it high quality with low levels of contaminants such as corrosive sulphur compounds, will help meet any shortfall from disruptions to supplies from South Sudan, Syria and Yemen. Nigeria is expected to sell around 1.96 million barrels per day (bpd) in April in 70 full or part cargoes, up from 1.87 million bpd in 65 cargoes in March; the sources quoted provisional loading programmes as showing. Nigeria’s new Usan offshore oilfield will contribute most of the extra oil in April, pumping almost 100,000 bpd, the programmes show
The field, operated by France’s Total SA, is expected to reach four to five cargoes per month, or about 130,000-160,000 bpd, this year and have a total capacity of up to 180,000 bpd. Total said on Friday it had started production at Usan on schedule. Traders expected initial volumes to be stored and the first vessels to load in about six weeks.