Oil Exports Up in July on Forcados Restart

Nigeria's crude oil exports are set to reach 1.84 million barrels per day (bpd) in July, slightly higher month-on-month, because of a recovery in Forcados exports, according to loading programmes compiled by Reuters on Wednesday.

Forcados exports resumed at the end of May after a nearly complete shutdown since February 2016. The grade's operator, Shell's local subsidiary SPDC, issued an initial June schedule of 197,000 bpd before increasing it to 252,000 bpd.

The resumption cemented Nigeria's return to the status of Africa's largest oil exporter, a title it lost to Angola following militant attacks on oil infrastructure in the oil-rich Niger Delta region during 2016.

Angola's July exports are expected to be 1.55 million bpd.

But with a force majeure in place on Bonny Light, and loading delays of as much as 10 days, Nigeria's export plans for June and July are likely to change.

Cargoes of EA and Pennington were also added to the initial June programme. Nigeria will also export four cargoes of Akpo condensate in July, the same figure as in June.