Nigeria’s oil exports will likely witness a dip in October a loading plan released by Reuters Africa on Tuesday has shown.
Projections for October show that an estimated 1.72 million barrels per day of crude oil will be exported compared to the 1.88 million barrels per day projected for next month.
According to Reuters Africa, the total exports are set to slip to a five-month low based on production and export records.
The key grades of the country’s crude like Bonny Light, Brass River, and Qua Iboe have loading plans for October smaller than that of the month of September.
However, there are no exports or loading plans for other Nigerian Crude grades like Abo, Antan and Pennington.
Consequently, the Nigeria National Petroleum Corporation (NNPC), has raised official selling prices in September for Bonny Light and Qua Iboe to dated Brent plus 48 cents and 82 cents per barrel respectively.
The differential for the month of August showed that Bonny Light was dated Brent plus 3 cents while that of Qua Iboe was 13 cents per barrel.
Also, according to Reuters Africa, a tender from India’s Bharat Petroleum Corporation BPCL for 1 million barrels of Nigerian crude for October loading will close on August 22.
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