Nigeria to Keep Crude Oil Exports Little Changed in September
Nigeria, Africa’s largest oil producer, will keep daily crude exports for September little changed from August, according to loading programs obtained by Bloomberg News covering 17 grades excluding Bonny Light.
The nation will ship 63 cargoes totaling 1.94 million barrels a day, the schedules showed. Exports will comprise 12 consignments of Qua Iboe grade, seven of Agbami, five each of Brass, Akpo, Bonga and Forcados, four of Usan, three each of Amenam, Erha, Escravos and Antan, two each of Yoho and Okono, and one each of Abo, EA, Okwori and Pennington. The cargoes range in size from 250,000 to 1 million barrels.
It remains unclear whether Nigeria will export Bonny Light in September, four traders with knowledge of the loading program said. No shipments for this grade were planned for August.
Royal Dutch Shell Plc (RDSA) declared force majeure on exports of Bonny Light after closing the Nembe Creek Trunkline on April 15 to remove connections oil thieves used on the pipeline. Force majeure is a legal step that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.
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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