Nigeria’s July programmes showed higher output on key grades on Tuesday after the country reduced its production in May and June to meet an OPEC-led deal to cut output as coronavirus lockdowns weighed on fuel demand.

Nigeria’s state oil company on Friday raised June official selling prices for both Bonny Light BON-E and Qua Iboe crude
oil QUA-E to dated Brent minus $1.05 per barrel.

The May differential for Bonny Light was dated Brent minus $3.95 per barrel and for Qua Iboe, minus $3.92. Exports of Nigeria’s key crude oil grades Forcados and Qua Iboe will jump in July, while Bonny Light will edge slightly lower, loading programmes showed on Tuesday.

Forcados crude oil exports are set to jump to 272,000 barrels per day (bpd) in July, from 190,000 bpd in June, while Qua Iboe will load at a rate of 215,000 bpd in July, up from only 95,000 bpd in June.

The Agbami and Escravos programmes will have five cargoes each in July.  Nigeria’s Bonga crude oil export terminal has begun a two-week routine maintenance, operator Shell said on Tuesday, that began on May 21.

BP was offering a cargo of July loading Girassol at dated Brent plus $3.50 and a cargo of Saturno at dated Brent plus $1.00 a barrel.

Several cargoes of June loading Nigerian crude were on offer. BP was showing Escravos at dated Brent plus $2.50 and
Forcados at dated Brent plus $2.85.

Eni offered a June loading cargo of Saxi at dated Brent plus $1.90 and Brass River at dated Brent plus $1.50 a barrel.


Source: Reuters