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Nigeria to Boost April Qua Iboe Crude Exports to 11 Cargoes

Feb. 25 (Bloomberg) -- Nigeria, Africa’s largest oil producer, plans to increase Qua Iboe crude exports in April to 11 cargoes, including four lots deferred from March, according to a preliminary loading program obtained by Bloomberg News.

Total exports of the country’s benchmark grade will rise to the most in eight months at 10.45 million barrels, or 348,333 barrels a day, the plan showed. That compares with eight consignments of 950,000 barrels, or 245,161 barrels a day, set to be shipped next month. Daily shipments reached 367,742 barrels in August.

Exxon Mobil Corp. lifted its two-week force majeure on Qua Iboe exports, Nigel Cookey-Gam, a Lagos-based spokesman, said yesterday in an e-mail. The force majeure, a legal step used by companies when they can’t fulfill a contract for reasons beyond their control, had been in place since Feb. 7 due to disruption caused by repairs to a pipeline.

The nation will also export five cargoes of Usan in April, two more than next month, a separate loading program showed. Shipments of Escravos and Erha will be stable at three lots each, Okono and Yoho are unchanged at two consignments and Okwori will be kept at one cargo, according to separate loading programs. The shipment sizes range from 650,000 barrels to 1 million barrels.

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

To contact the reporter on this story: Rupert Rowling in London at rrowling@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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