By Lizzy Adie, 8th July 2015. According to The Guardian, there are indications that Nigeria’s Crude oil export would rise up in August against the previous months even as some overhang July cargoes struggle to find buyers. The provisional August loading programme already showed that about 58.6million barrels of crude would be shipped on 64 cargoes at a rate equivalent to 1.89 million barrels per day (bpd), while the planned shipment for Bonny light is yet to emerge. This reflects an increasing trend compared with the 1.97 million bpd planned in July, on 66 cargoes, including seven one million barrel shipment of Bonny light. The August loading schedules showed 12 planned shipment 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 on the value of Nigeria grade in recent months. There were around 20 unsold cargoes of June and July loading Nigeria crude available last week, although Indian demand has since helped some of the overhang to clear. Meanwhile, Nigeria has reportedly replaced Saudi Arabia as the largest crude oil supplier to India after its oil export to India last month surged by nearly 200 percent, supplying some 745,000 barrels per day. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter has lost the top spot. See details from the Guardian. |
