Nigeria set to export maximum level of crude oil come October

(Agence Ecofin) - Nigeria has declared its plans to export a total of at least 2.04 million bpd of crude oil come October; the highest level this year. Sweet crude reports.

The exports, which is said to be loaded on 68 cargoes, could increase as the programmes for no less than two grades were still impending. The amount is related with prearranged September exports of just fewer than 2 million bpd, in addition is the highest total since January, when the country issued an initial programme of 62.97 million bpd, or 2.03 million bpd.

Furthermore the record comes at an unfortunate time for the nation, as European refinery maintenance typically rises in October, limiting the amount of crude oil in which they consume.

However drooping demands in Asia, where Chinese refineries are cutting runs, has begun to pressure differentials to dated Brent for West African crude grades.

Although crude oil futures were assembling, the Brent benchmark on which Nigeria’s export prices are based was still close to 6 and a half year lows.