Nigerian Crude Exports to Rebound in April From Three-Year Low

Nigeria, Africa’s largest oil producer, will boost crude exports in April to 72 cargoes, seven more than the revised total for March, according to preliminary loading programs obtained by Bloomberg News.

Daily exports are scheduled to be 2.2 million barrels compared with 1.9 million in March, which is the lowest in three years, according to the plans. The African nation will ship 65.86 million barrels, the schedule showed. That compares with 65 lots, or 59.77 million barrels. Shipments dropped to 1.8 million barrels a day in March 2010.

The country will export 11 consignments of its benchmark Qua Iboe grade in April, three more than a revised schedule for next month, according to the program. This includes four lots that were deferred from March. Exports of Bonny Light blend will rise by four to nine cargoes.

Exxon Mobil Corp. lifted its two-week force majeure on Qua Iboe exports, Nigel Cookey-Gam, a Lagos-based spokesman, said on Feb. 24 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.

Nigeria will also ship seven cargoes of Agbami, six each of Bonga and Forcados, five each of Akpo and Usan, four of Brass River, three lots of Amenam, Erha and Escravos, two each of Antan, EA Blend, Okono and Yoho and one lot each of Abo and Okwori, the plans showed.

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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