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Nigeria to Increase Crude Oil Exports for May to 10-Month High

Nigeria, Africa’s largest oil producer, plans to boost crude exports in May to a 10-month high, according to loading plans obtained by Bloomberg News.

A total of 75 cargoes of 18 main grades will be exported in May, amounting to 69.3 million barrels or 2.24 million barrels a day, the most since July, the schedules show. That compares with 78 cargoes totaling 2.22 million barrels a day for April.

Nigeria will export five 950,000-barrel cargoes of the new Usan grade in May, up from three for next month, according to a plan. Production at the field, which has the capacity to pump 180,000 barrels a day, started in late February, according to Total SA, the operator of the project.

The nation will also ship 12 cargoes of Qua Iboe, eight Agbami, seven Forcados, five Bonny Light, five Akpo, five Bonga, four Erha, four Brass River, four Escravos, three Amenam, three Yoho, two EA, two Antan, two Okwori, two Okono, one Pennington and one Abo, the schedules show. Shipments are typically of 950,000 to 1 million barrels each.

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

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