Wednesday, June 22, 2011

Nigeria oil exports to rise to 5-1/2 yr high

LONDON (Reuters) - Nigerian oil exports are set to rise in August to the highest level in more than five and half years, a provisional loading programme based on trade estimates showed on Wednesday.

The August programme showed the African OPEC producer would load about 2.25 million barrels of crude oil per day.

If there is no disruption to output, the volume will mark the largest since January 2002, Reuters data based on the provisional loading programmes showed.

"It is a lot of Nigerian cargoes," a London-based crude oil trader said. "Spot premiums are falling and they will fall further.

The July provisional programme showed Nigerian export will average 2.06 million bpd in the month.

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