NIGERIA REGAINS LEAD AS AFRICAN LARGEST OIL EXPORTER

 

Premium Times

oil rig-pixabay

WARRI – Nigeria’s crude oil exports are set to reach 1.84 million barrels per day (bpd) in July, PREMIUM TIMES has gathered.

The new figure is slightly higher because of a recovery in Forcados exports, according to the nation’s loading programmes seen Wednesday.

Forcados exports resumed at the end of May after a nearly complete shutdown since February 2016.

Meanwhile, the grade’s operator, Shell’s local subsidiary SPDC, issued an initial June schedule of 197,000 bpd.

It, however, increased the schedule to 252,000 bpd.

By the resumption, Nigeria returns to the status of Africa’s largest oil exporter, a title it lost to Angola in 2016.

The loss followed militant attacks on the nation’s oil infrastructure in the oil-rich Niger Delta region.

Production has since improved, following peaceful negotiations with leaders from the region.

Angola’s July exports are expected to be 1.55 million bpd, Reuters reports.

With a force majeure in place on Bonny Light, and loading delays of as much as 10 days, Nigeria’s export plans for June and July are likely to change.

PHOTO: Pixabay.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: