W. Africa Crude-Nigerian export programmes shrink in June, May

Date:

LONDON, May 1 (Reuters) - Export programmes for West African

crudes emerged on Friday and showed lower volumes for this month
and the next, in line with unprecedented output cuts by
producers and a lack of demand.

Thank you for reading this post, don't forget to subscribe!
* Royal Dutch Shell circulated its export schedule for June

loadings of Nigerian Bonny Light and Bonga crude, with the
former set to fall sharply in June to 190,000 barrels per day
(bpd) from 245,000 planned for May.
* Loading plans have been disrupted as Nigeria has haggled
with international majors on cutting output following a pact by
OPEC+ producer countries to limit supplies to prop up global oil
prices, effective from May 1. One Bonny Light cargo from Shell
originally schedule for June 1-2 export was delayed to June 7-8.

* Volumes for the four major grades tracked by Reuters are

set to plunge to 602,000 bpd from 828,000 originally planned in
May, though those volumes, along with those of other grades,
have been reduced because of downward revisions to the May
schedule.
* The June exports of the grades are more than a third lower
than volumes planned for March, circulated before lockdowns to
contain the outbreak of the novel coronavirus went widely into
force. Market sources linked the fall to the producer supply cut
pact and to record low prices for West African grades.
* A rally in Brent crude prices this week from more
than two-decade lows below $20, combined with major producer
Norway’s plans to cut output for the first time in nearly 20
years helped to boost differentials.
* Many sellers of West African crude remained pessimistic,
however, saying an overly sudden rise to the dated Brent
benchmark from which West African grades are priced could
undermine the contango market structure, which was one of the
few factors buoying sales.

RELATED NEWS
* Global oil markets are showing early signs of rebalancing

after production cuts by OPEC and the United States, with the
market’s pricing structure indicating that storing oil on idle
tankers may soon no longer be profitable, Mercuria Energy Group
said.
* Iraq’s total oil exports for April averaged 3.438 million
bpd and oil revenue more than halved to $1.42 billion, a
statement from the oil ministry said on Friday.
* ExxonMobil Corp and Chevron Corp are halting U.S. shale
oil production as crude prices and fuel demand have plunged
because of global lockdowns to fight the coronavirus pandemic
have destroyed fuel demand.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading