Home > Breaking news > Nigeria’s Nov Crude Oil Exports Set To Hit 10-Month High

Nigeria’s Nov Crude Oil Exports Set To Hit 10-Month High

Nigeria’s planned November oil loading programme shows the highest exports since January, plans compiled by Reuters showed on Friday, as major oil streams resume. Plans show 62 cargoes, with 1.88 million barrels per day (bpd) expected to load during the month, the highest level since militants bombed the pipeline that exports Forcados crude oil in February. Before the pipeline was hit, February and March exports were planned close to 2 million bpd, but nearly all the cargoes of Forcados were cancelled as the pipeline closed and operator Shell declared force majeure. From February until recently, export plans for a string of crude oil grades had been patchy and unreliable due to almost relentless militant attacks that took out pipelines and thus production in what is typically Africa’s largest oil exporter. While Qua Iboe, Nigeria’s largest export stream, and Forcados remain under force majeure, exports are again planned for both of them. The first cargo of Qua Iboe since July loaded earlier this week aboard the South Sea.

 

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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