LONDON: Nigerian crude supplies are expected to rise significantly in the coming months with the resumption of Forcados exports, assuming successful testing this weekend, and potentially higher Qua Iboe exports.
Traders said there was still no clarity on gasoline and diesel specifications for Nigeria's Direct Sale Direct Purchase agreements, or crude-for-product swaps.
The contracts were expected to be signed on Friday, sources familiar with the matter said, but were delayed again.
NIGERIA
ExxonMobil is testing its main 48-inch Qua Iboe crude export pipeline after nearly a year of repairs. Once testing is complete, Qua Iboe exports could increase to around 12 cargoes, from the current 7-10 cargoes per month of 950,000 barrels each.
The Forcados crude terminal is expected to load three cargoes in May following the resumption of production this week, traders said.
No loading programme has been issued but Shell, Vitol and Gunvor are expected to load the first cargoes. Vitol already offered a cargo for late June delivery in the Platts window at a a $2.30 premium to dated Brent.
Around half the June loading is still available, one trader estimated.
Some cargoes of Bonga were being offered at dated Brent plus $1.30-$1.40 a barrel.
ANGOLA
About six cargoes were left from the June programme with the July schedule expected to emerge as soon as Monday.
Traders said that they had not heard of any change to Saturno exports that were put under force majeure earlier this week.
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