Oil exports to reach six-month high in November   

28 September 2018 : Nigerian oil exports are set to reach their highest level in six months in November. According to loading programmes, this is due in large part to an increase in supply of the four largest crude grades. Total loadings will rise to 1.88 million/bpd from October’s planned 1.65 million/bpd, a 17% y/y increase from last November. Exports on Forcados, Bonga, Bonny Light and Qua Iboe are set to rise to 822,967 bpd in November, the largest export programme for the four since June. 

Following the lifting of the force majeure on Bonny Light Export in July, production has increased steadily, however, Nigerian oil production has not met its target of producing 2.2 million bpd this year with production falling as low as 1.5 million bpd in June. With Brent Crude prices surpassing $80 per barrel, analysts believe that it is essential for the sake of oil revenue that production levels continue to improve. 

Reporting for EasyKobo on Friday , 28 September 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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