Nigeria’s crude oil export, excluding condensates, will hit 1.94 million barrels per day by September, as Shell Petroleum Development Company, SPDC, joint venture plans to ship four cargoes of Bonny Light grade to the international market.
The country’s current export is about 1.84million barrels per day, down 140,000 barrels per day from the 1.96million barrels per day allocation given by the Organisation of Petroleum Exporting Countries, OPEC, as the country’s export quota.
However, the country currently ships about 2.6million barrels of crude oil and condensates to the export market as condensates are said to be excluded from OPEC quota.
The 1.94million barrels per day target by September is still 20,000 barrels per day below the country’s OPEC quota.
A shipping list obtained by Reuters showed that Nigeria will export four cargoes of Bonny Light crude oil in September to boost the country’s monthly exports to around 1.94 million barrels per day.
Most Nigerian September loading programmes were released in July but at the time there were no Bonny cargoes shipment, due to a force majeure declared on the grade by the SPDC joint venture..
The four cargoes will be 950,000 barrels each, and daily exports of the light, sweet grade will be 127,000 barrels per day (bpd).
In a month with no supply disruptions, Bonny Light exports are typically close to 200,000 bpd.
A spokesman for Royal Dutch Shell was quoted as saying yesterday that a force majeure, which relieves the Anglo-Dutch company from contractual deliveries due to actions beyond its control, remained in place on Bonny Light grade.
A company may opt to keep a force majeure in place if it can only partially meet its contractual commitments.
After years of militancy in the Niger Delta, which led to the destruction of oil and gas production facilities, the country has been struggling to restore the integrity of the oil and gas infrastructure, so as to abide by OPEC’s official quota, being a responsible member of the oil cartel.
Information from This Day was used in this report.