Thursday, July 21, 2011

Nigerian crude oil exports down in September: trade

LONDON (Reuters) - Nigeria will export around 1.99 million barrels per day (bpd) of crude oil in September, down from a revised total of around 2.29 million bpd due to load in August, trade sources said on Thursday.

The August total is set to be Nigeria's highest export level in more than five years as the country benefits from a period of relatively peace and stability, particularly in the oil-rich Niger Delta in the south.

Traders said the lower September loading programme largely reflects a drop in the number of cargoes of benchmark Bonny Light crude, with six cargoes loading in September versus 10 cargoes of varying sizes in August.

The distillate-rich Forcados crude oil stream, popular with western refiners, will load seven cargoes in September, down from eight in August, while the ultra-light Agbami stream will load seven cargoes, reduced from nine in August.

Qua Iboe is again the largest crude oil export stream, loading an average of 380,000 bpd in 12 cargoes, unchanged from August.

In total, provisional loading programmes show 66 cargoes of crude scheduled from Nigerian ports in September, down from 76 in August. Loading programmes are usually revised, and the final tally for the month is likely to be adjusted slightly.

The fall in Bonny Light exports in September comes as something of a surprise after a recent increase in output from the stream, traders said.

Royal Dutch Shell said on July 12 it had lifted a force majeure declaration on Bonny Light loadings.

The force majeure, which frees the company from contractual deliveries due to actions beyond its control, was declared on June 13 due to leaks and fires on its Trans-Niger Pipeline.

Shell's Nigerian SPDC unit said in June the leaks -- caused by saboteurs who used hacksaws -- had been repaired and that production resumed on June 12, but the shutdown of the lines affected loading programmes at its Bonny export terminal.

"Production of Bonny is often erratic," said one West African crude oil trader with a large bank

No comments:

Post a Comment