Business
Crude: Nigeria’s July loading programmes show output rise
Nigeria’s July programmes showed higher output on key grades on Tuesday after the country reduced its production in May and June to meet an OPEC-led deal to cut output as coronavirus lockdowns weighed on fuel demand.
The Nigerian National Petroleum Corporation (NNPC) on Friday raised June official selling prices for both Bonny Light BON-E and Qua Iboe crude oil QUA-E to dated Brent minus $1.05 per barrel.
According to Reuters, the May differential for Bonny Light was dated Brent minus $3.95 per barrel and for Qua Iboe, minus $3.92.
According to loading programmes showed on Tuesday the exports of Nigeria’s key crude oil grades Forcados and Qua Iboe will jump in July, while Bonny Light will edge slightly lower.
Forcados crude oil exports are set to jump to 272,000 barrels per day (bpd) in July, from 190,000 bpd in June, while Qua Iboe will load at a rate of 215,000 bpd in July, up from
only 95,000 bpd in June.
The Agbami and Escravos programmes will have five cargoes each in July.
Elsewhere, Nigeria’s Bonga crude oil export terminal has begun a two-week routine maintenance, operator Shell said on Tuesday, that began on May 21.
BP was offering a cargo of July loading Girassol at dated Brent plus $3.50 and a cargo of Saturno at dated Brent plus $1.00 a barrel.
Several cargoes of June loading Nigerian crude were on offer. BP was showing Escravos at dated Brent plus $2.50 and Forcados at dated Brent plus $2.85.
Meanwhile, Eni offered a June loading cargo of Saxi at dated Brent plus $1.90 and Brass River at dated Brent plus $1.50 a barrel.
Some analysts and banks have predicted recovering demand of crude oil as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil
markets as soon as June.
