Oil exports to reach 14-month high in November

Nigeria will export around 1.91 million barrels per day (bpd) of crude oil in November, its highest level since September 2013, loading programmes seen by Reuters showed on Tuesday.

November’s figure is higher than the upwardly revised figure of 1.86 million bpd due to be exported in October.

Higher exports of the Bonny Light grade, which had been beset by oil theft, outweighed a dip in the level of Qua Iboe and Forcados exports.

The increase in exports adds more light, sweet crude oil to an already well-supplied market, with both Libyan and Iraqi exports on the rise.

Strong supply has helped push Brent crude, against which West African oil is benchmarked, down almost 14 percent this quarter, its biggest such drop since the second quarter of 2012.

GRADE CARGOES BPD

Bonny 6 192,000

Forcados 7 176,000

Brass River 4 115,000

EA** 0 0

Pennington 1 31,666

Escravos 4 127,000

Qua Iboe 11 348,000

Bonga 6 190,000

Erha 4 127,000

Yoho 2 63,000

Amenam 2 63,000

Usan 4 127,000

Okoro* 0 0

Abo* 0 0

Antan 1 32,000

Okono 1 30,000

Agbami 8 260,000

Okwori 1 32,000

Oyo* 0 0

Olowi* 0 0

TOTAL 62 1,912,000

* No figure available

** Grade under force majeure