Crude oil export expected to rise by 2.04 million bpd in October – NNPC

The Nigeria National Petroleum Corporation has disclosed that the country’s crude export will rise over 2.04 million barrels per day, in October, as against September export of 1.99 million bpd of crude oil.

According to the provisional loading programmes of the corporation, this marks the highest of the country’s crude export this year.

The corporation revealed that the new development emerged at adverse period for the country as it happens to be a maintenance phase for the European refinery, which will bring the consumption rate of crude oil down.

Meanwhile, it also disclosed that about 68 cargoes will be loaded with the export programme expecting to rise above two grades which could be pending.

However, about two million barrels per day of crude was planned for September and a record amount above 2.04 million bpd is positioned for October thus making it the highest for the country.

Additionally, though crude oil futures were rallying on Tuesday, the Brent benchmark on which Nigerian export prices are based was still close to 6-1/2 year lows.

Furthermore, the recorded amount of crude to be exported included, Abo, EA, Ebok, Okono, Oyo, Okwuibome, with one cargo recording 135. 000 barrels per day, worth of  4.05 million barrels.

Yoho, with two cargoes, records 61,000 bpd, worth of 1.9 million barrels. Amenam, Erha and Usan, with three cargoes recorded 286,000 bpd, averaging 8.84 million barrels as well as Brass River with five cargoes, recording 133,000 bpd, making it 4.11 million barrels of crude.

Continuing, Escravos, Forcados, with six cargoes, had 368, 000 bpd of about 11.4 million barrels. Bonga, Bonny, had seven cargoes, amounting to 436,000 barrels per day, summing up to 13.50 million barrels.

The  corporation also revealed that Agbami had eight cargoes, with 252,000 barrels per day, amounting to 7.8 million barrels, while Qua with 12 cargoes had recorded, 368,000 bpd, average 11.4 million barrels of crude to be exported.