• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 8 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 5 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Gazprom Exports to EU Hit Record
  • 2 hours Oil prices going down
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 2 days Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 3 hours Saudi Arabia turns to solar
  • 1 day EVs Could Help Coal Demand
  • 2 days China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 20 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
5 Companies To Watch As Tech Takes Aim At The Finance Industry

5 Companies To Watch As Tech Takes Aim At The Finance Industry

The fintech revolution has accelerated…

Rig Count Falls As U.S. Oil Output Flatlines

Rig Count Falls As U.S. Oil Output Flatlines

WTI crude rose 4.5 percent…

Nigerian Crude Exports to Hit 17-Month High in August

Oil

Nigerian crude exports will top 2 million barrels per day in August, reaching a 17-month high, according to new data compiled by Reuters on Thursday.

Attacks by militants in the Niger Delta had crippled production in 2016, but the African nation has been rebuilding output steadily through 2017.

Drops in output last year were so bad that OPEC exempted Abuja from the bloc’s November deal to cut production by 1.2 million barrels per day.

The new rise in exports can partially be attributed to delayed shipments from July, Reuters said.

An estimated 2.02 million bpd of Nigerian crude will leave ports on 67 tankers in August, along with another 97,000 bpd of condensates.

The Forcados crude grade began loading again earlier this month, when Royal Dutch Shell lifted a force majeure on facilities related to the grade. A total of 10.3 million barrels of Forcados crude will be shipped in August.

Bonny Light, also controlled by Shell, is currently under force majeure due to a critical pipeline leak that has already delayed shipments by ten days.

Related: Inside The World’s Most Sophisticated Refining Industry

A new group of militants have called on former Niger Delta Avengers and other fights to resume attacks on oil pipelines on June 30th, claiming President Muhammadu Buhari’s administration has not done enough to ensure the area’s residents will benefit fairly from oil revenues.

The other nation exempt from the OPEC production cut deal, which has failed to sustain an increase in oil prices in the first six months of implementation, is Libya. The war-torn country’s new stability has allowed production to recover to 885,000 bpd, according to the latest figures. By the end of the year, output should top 1.3 million, according to Mustafa Sanalla, head of the National Oil Corporation.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News