Nigerian Crude Exports to Hit 17-Month High in August

23 Jun 2017   Nigeria

Nigerian crude exports will top 2 million barrels per day in August, reaching a 17-month high, according to new data compiled by Reuters on Thursday. Attacks by militants in the Niger Delta had crippled production in 2016, but the African nation has been rebuilding output steadily through 2017. Drops in output last year were so bad that OPEC exempted Abuja from the bloc’s November deal to cut production by 1.2 million barrels per day. The new rise in exports can partially be attributed to delayed shipments from July, Reuters said. An estimated 2.02 million bpd of Nigerian crude will leave ports on 67 tankers in August, along with another 97,000 bpd of condensates. The Forcados crude grade began loading again earlier this month, when Royal Dutch Shell lifted a force majeure on facilities related to the grade. A total of 10.3 million barrels of Forcados crude will be shipped […]

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