Crude
oil exports of 1.694 million barrels per day are scheduled for March on 62
cargoes. While several loading plans for small grades are outstanding, the
March total is likely to remain below the exports set at 1.843 million bpd in
February, the plans showed.
Still,
overall volumes will edge higher over the course of the longer month, Reuters
report on Friday. March exports will add up to at least 52.5 million barrels,
above February’s level of 51.6 million barrels.
Nigeria’s
production has remained broadly stable in recent months, with no major militant
attacks since January last year. But tensions remained high in the oil-rich
Niger Delta, and the most destructive militant group in recent years, the Niger
Delta Avengers, threatened to attack certain offshore fields in the coming
days.
The
group, whose 2016 attacks on the Forcados subsea pipeline shut the export
terminal down for more than a year, specifically threatened the Bonga Platform
and the Agbami, EA and Akpo fields. The militants also said they would target
the Nigerian oil company, Brittania-U.
Meanwhile,
the Nigeria’s March loading plans, which emerged on Friday, showed a slight dip
on a barrel-per-day basis compared with February.
Trading
was limited as the market sorted through the new plans, but Angola’s Sonangol
had moved at least one cargo. Trading had not yet begun on most of the cargoes
as the owners sorted through their allocations, traders said.
For
Nigeria, around 10 million barrels were left available from the February
programme, with some cargoes moving into tenders and others quietly trading on
a spot basis.
The Nigerian National Petroleum Corporation
raised slightly the February official selling prices for Bonny Light and Qua
Iboe dated Brent plus 86 cents and 92 cents per barrel, respectively.
Angola’s
Sonangol had allocated 11 cargoes from its March export plan and sold one on a
spot basis, traders said. The spot sale was not immediately clear, but one
trader said it was a cargo of Girassol.
The
company was offering four other cargoes on a spot basis, three Dalia at 8 cent
discounts to dated Brent and one Saturno at a 90 cent discount. (Punch)
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