Nigeria issued its first Forcados oil loading plan since 2016, putting the nation’s June oil exports on track to hit their highest level in at least 15 months, Reuters reports.
The plan, if realised, would return loadings by Nigeria, normally West Africa’s biggest oil exporter, to levels not seen since militant attacks in the oil-rich Niger Delta first shut down Forcados exports in early 2016.
It is also likely to put more downward pressure on oil prices, which are already trading more than 16 percent below the highs reached in January on the back of a persistent global excess.
The Forcados loading schedule includes seven cargoes, for a total of 197,000 barrels per day (bpd). That would bring total June exports to 1.75 million bpd aboard 58 cargoes. According to the Reuters OPEC survey, production in Nigeria last reached 1.76 million bpd in March 2016.