Monday, June 20, 2011

Nigeria to Increase Qua Iboe, Bonga Oil Shipments in August

Nigeria, a favored supplier of oil to U.S. refiners, plans to ship 12 cargoes of benchmark Qua Iboe crude in August, one more than July, according to a loading schedule obtained by Bloomberg News.

Africa’s largest oil producer will also export nine cargoes of Bonny Light crude, including one of 300,000 barrels, the plan showed. This compares with the original shipping plan for July of six 950,000-barrel cargoes and one 650,000-barrel lot.

The July schedule is subject to change after Royal Dutch Shell Plc declared force majeure on Bonny Light exports for June and July due to fires on the Trans Niger pipeline. Shell informed its customers June 13 that the loading program will be revised. Force majeure is a legal clause allowing companies to miss deliveries because of circumstances beyond their control.

Nigeria will also ship eight cargoes of Forcados crude, six Bonga, five Erha, four Brass River, three EA, two Okwori, one Okono and one Antan in August, according to the plan. Cargo sizes range from 450,000 barrels to 1 million barrels.

Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

Schedules of Abo, Agbami, Akpo, Amenam, Escravos, Oso, Pennnington, and Yoho grades will be released in coming days.

To contact the reporter on this story: Sherry Su in London at

To contact the editor responsible for this story: Stephen Voss at

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