LONDON: Nigeria's crude oil exports were on track to increase in May, a compilation of loading programmes showed on Monday.
Exports of several key grades were set to rise from the previous month, including Bonny Light, Agbami and Escravos, the early loading programmes showed.
Other exports, including the largest stream of Qua Iboe as well as Brass River, had the same amount of cargoes, but a slightly lower total by barrels per day (bpd) due to the longer month in May.
As a result, the early loading programme came to 1.6 million bpd, an increase already from April, despite the fact the plans for Erha exports and several other smaller grades were still pending. Traders also said cargoes would likely be added to the Bonga programme, which at four cargoes was smaller than April.
Including the four cargoes of Akpo also due to be exported in May, traders said the programme would surpass 60 cargoes in total.
The figure is significantly lower, however, than the typical Nigerian export plan, as Forcados remained under force majeure following an attack in February that was expected to stem flows until mid May.
Still, there were more than two dozen April cargoes from Nigeria yet to find buyers, and most traders said price differentials versus dated Brent were under pressure as a result of the overhang.
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