2 September 2014

Nigeria's Oil Export Slides to 1.83 Million Barrels Per Day

NIGERIA'S oil export programme may have continued on the downward swing, as indications emerged that the nation would only export 1.83 million barrels per day in October.

According to the loading schedules, Nigeria will export about 1.83bpd of crude oil in October, down from 1.94 million bpd exported in September.

Traders said some Angolan crude grades have been cleared for October loading, while Nigerian cargoes appeared to be finding buyers more slowly.

Nigeria's Qua Iboe offers to be at dated Brent plus $2.00, unchanged. A trader said cargoes were likely to be sold at dated Brent plus $1 to plus $1.50.

Sources however said that, about four Qua cargoes loading in October have traded, leaving as many as eight still looking for buyers.

However, Brazil emerged the largest buyer of Nigeria's crude oil, overtaking India that occupied the position in the first quarter of this year.

The development followed the dumping of the nation's crude by United States owing to the discovery of Shale gas.

Figures from the Nigerian National Petroleum Corporation( NNPC) recently showed that Brazil had so far spent $990.09 million (N158.414 billion )on Nigerian crude oil.

The report showed that Brazil bought 9.442 million barrels of crude oil from Nigeria in the first quarter of this year.

Experts believed that Brazil's increased demand for Nigeria's crude, may be partly due to the hosting of football World Cup 2014.

India was expected to have purchased about 8.56 million barrels of crude oil from Nigeria, estimated at $897.71 million, (N143.633 billion), using a crude price index of $104.86 per barrel.

The Netherlands spent $825.56 million, ( N7.873 billion) on the purchase of 7.873 million barrels of crude oil from Nigeria; followed by Spain with the purchase of 6.638 million barrels of crude oil, estimated at $696.061 million (about N111.37 billion).

France purchased 4.015 million barrels of Nigeria's crude; United Stated of America imported 3.892 million barrels, while Indonesia purchased 3.89 million barrels of crude oil from Nigeria.

Other consumers of Nigeria crude oil are, South Africa, 2.897 million barrels of crude oil; Germany, 1.985 million barrels; and Cote D'Ivoire, 1.62 million barrels of crude oil from Nigeria.

Europe was the highest buyer of Nigeria's crude, with the importation of 26.57 million barrels; Asia and the Far East followed with the purchase of 15.3 million barrels of Nigeria's crude oil; while South America imported 10.39 million barrels of crude oil from Nigeria.

Other African countries purchased 4.454 million barrels of crude from Nigeria; North America and Oceania/Pacific countries purchased 3.89 million barrels and 961,105 barrels respectively of Nigeria's crude.


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