- Nigerian Oil Exports to Hit six-month High in November
Nigeria’s oil exports will reach their highest in six months in November, led in part by an increase in supply of the country’s four largest crude grades, according to loading programmes.
Total loadings of Nigerian crude will rise to 1.876 million barrels per day in November, from October’s 1.652 million bpd, according to a report by Reuters.
November’s will be the largest loading programme since May this year and is 17 per cent higher than last November’s 1.598 million bpd export schedule.
The export plan comprises 59 cargoes, unchanged from October, and includes one cargo of Akpo condensate.
Exports of Forcados, Bonga, Bonny Light and Qua Iboe will rise to 822,967 bpd in November, from a planned 728,258 bpd in October. This will be the largest export programme for the four since June’s 873,000 bpd.
The Agbami stream will add another cargo in November, while supply of the smaller grades will remain broadly unchanged.
France’s Total launched its Egina offshore field this week, which is expected to come online by December and add another 100,000 bpd to Nigeria’s crude and condensate output by the end of the year, according to Malam Mele Kyari, head of crude oil marketing at the state oil firm, the Nigerian National Petroleum Corporation.
Production from Egina, an ultra deep-water field, is expected to rise to 200,000 bpd.
The oil export plans are prone to revisions and delays, with cargoes frequently pushed from one month to the next.
U.S. Crude Production Hits Another Record, Posing Challenges for OPEC
Nigerian Stock Market Loses N259 Billion Amidst Medium-Cap Company Declines
Falcon Corporation Secures N19.41bn Debt Facility for State-of-the-Art LPG Facility in Port Harcourt
Finance4 weeks ago
Black Market Exchange Rate Today 6th November 2023
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023