London - Oil theft looks set to push Nigeria
off its spot as top African crude oil exporter
in May and exports could fall to their lowest
since records began in 2009, data indicated
on Wednesday.
Nigerian exports in May are set to be at
around 1.59 million barrels per day (bpd)
excluding the Forcados and Ebok grades of
crude oil, which had still not emerged.
Exports are far below the highs above 2.2
million bpd reached in 2011 and the May
figure is set to fall beneath the exports of
Angola, which is usually the continent's
second largest exporter.
Angolan exports in May were set to be 1.67
million bpd, a provisional shipping list
indicated.
Production of the Forcados grade has been
hit by under water pipeline leakage due to
oil theft which led operator Shell to declare
a force majeure on the grade this week.
The problems affecting Forcados are the
latest in a string of theft-related outages at
major Nigerian grades, with Bonny Light
production severely affected for much of last
year.
Planned exports in April were initially seen
at 1.73 million bpd, but were revised up to
1.86 million bpd after additional Bonny Light
cargoes were added.
Traders said that it was likely that there
would be no exports of Forcados for May,
although should the pipeline be fixed soon
there could yet be a small volume of this
grade, which could push shipments above
Angolan levels. - Reuters
off its spot as top African crude oil exporter
in May and exports could fall to their lowest
since records began in 2009, data indicated
on Wednesday.
Nigerian exports in May are set to be at
around 1.59 million barrels per day (bpd)
excluding the Forcados and Ebok grades of
crude oil, which had still not emerged.
Exports are far below the highs above 2.2
million bpd reached in 2011 and the May
figure is set to fall beneath the exports of
Angola, which is usually the continent's
second largest exporter.
Angolan exports in May were set to be 1.67
million bpd, a provisional shipping list
indicated.
Production of the Forcados grade has been
hit by under water pipeline leakage due to
oil theft which led operator Shell to declare
a force majeure on the grade this week.
The problems affecting Forcados are the
latest in a string of theft-related outages at
major Nigerian grades, with Bonny Light
production severely affected for much of last
year.
Planned exports in April were initially seen
at 1.73 million bpd, but were revised up to
1.86 million bpd after additional Bonny Light
cargoes were added.
Traders said that it was likely that there
would be no exports of Forcados for May,
although should the pipeline be fixed soon
there could yet be a small volume of this
grade, which could push shipments above
Angolan levels. - Reuters