Nigeria crude exports likely to rise in August

OREANDA-NEWS. The provisional August loading programme for Nigerian crude indicates a probable month-on month rise in exports, adding to the overhang of unsold July cargoes struggling to find buyers.

With Bonny Light yet to emerge, the August loading programme already shows 58.6mn bl of crude due to be shipped on 64 cargoes at a rate equivalent to 1.89mn b/d. This compares with 1.97mn b/d planned in July, on 66 cargoes, including seven 1mn bl shipments of Bonny Light.

The August loading schedules show 12 planned shipments of the main export grade Qua Iboe, unchanged from July, but an extra cargo each of Agbami, Bonga, Forcados and Yoho, and two extra cargoes of Brass River.

The surplus of light sweet crude in the Atlantic basin has weighed heavily on the value of Nigerian grades in recent months. There were around 20 unsold cargoes of June and July-loading Nigerian crude available last week, although Indian demand has since helped some of the overhang to clear.