Nigeria’s oil export is projected to slide back from a 21-month high it hit in December 2017, according to a report from Reuters.
Nigeria crude oil exports of 1.76 million barrels per day (bpd) are scheduled for January 2018 on 62 cargoes. The total compared with exports set at 1.94 million bpd in December, the highest scheduled since March 2016, the report noted.
In December 2017, crude cargo Agbami, with 8 cargoes recorded 252,000bpd compared with January 2018, where it is scheduled to have 7 cargoes with 220,000bpd. Also, Bonga with 7 cargoes in December 2017 recorded 215,000bpd compared with January 2018, is scheduled to have 5 cargoes with 215,000bpd.
Qua Iboe, Nigeria’s largest export grade, is expected to have a decrease from 10 cargoes in December 2017 with 306,000bpd compared with January 2018 at 9 cargos at 276,000bpd. Also, Bony light hit a slide with 8 cargoes at December 2017 with 235,000bpd compared with January 2018 at 5 cargoes with 139,000bpd.
Although traders are saying some of the December cargoes could slip into January, notwithstanding oil export is still expected to fall. Organisation of Petroleum Exporting Countries (OPEC) had earlier last month decided to extend its current production agreement entered with participating non-OPEC oil producers for another nine months, including pegging Nigeria oil production at 1.8 million bpd.
With oil revenue projected at N2.442 trillion and National Assembly agreeing to peg the budget benchmark at $47 per barrel above the proposed $45 per barrel in the 2018 budget, expectations are high as Nigeria seeks to fulfil its huge economic potentials.
