Nigerian crude exports to hit 16 month high in Sept

25 Jul, 2014

LONDON: Nigeria will export around 1.90 million barrels per day (bpd) of crude oil in September including deferred cargoes, the highest monthly total in more than a year, according to loading schedules seen by Reuters on Friday.

September's total will load in 61 cargoes and is up from August's revised rate of 1.82 million bpd.

The total includes two cargoes of Qua Iboe crude, which were delayed to September from August.

Nigeria's exports in September will be the highest since May 2013, according to loading programmes compiled by Reuters.

The rise in shipments could add downward pressure on Nigerian crude differentials, which have hit multi-year lows in recent weeks due to an overhang of supply and sluggish demand in Europe and Asia.

Oil traders said the total could rise further because the programmes of some smaller crude streams have not been issued yet and because more shipments - known as injection cargoes - could be added to existing programmes later.

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