Nigeria’s crude output for July loading seen rising amidst OPEC cut

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LONDON, May 26 – Nigeria’s July programmes showed higher output on key grades on Tuesday after the country reduced its production in May and June to meet an OPEC-led deal to cut output as coronavirus lockdowns weighed on fuel demand.

* Nigeria’s state oil company on Friday raised June official selling prices for both Bonny Light BON-E and Qua Iboe crude oil QUA-E to dated Brent minus $1.05 per barrel.
* The May differential for Bonny Light was dated Brent minus $3.95 per barrel and for Qua Iboe, minus $3.92.
* Exports of Nigeria’s key crude oil grades Forcados and Qua Iboe will jump in July, while Bonny Light will edge slightly lower, loading programmes showed on Tuesday.
* Forcados crude oil exports are set to jump to 272,000 barrels per day (bpd) in July, from 190,000 bpd in June, while Qua Iboe will load at a rate of 215,000 bpd in July, up from only 95,000 bpd in June.
* The Agbami and Escravos programmes will have five cargoes each in July.
* Nigeria’s Bonga crude oil export terminal has begun a two-week routine maintenance, operator Shell said on Tuesday, that began on May 21.
* BP was offering a cargo of July loading Girassol at dated Brent plus $3.50 and a cargo of Saturno at dated Brent plus $1.00 a barrel.
* Several cargoes of June loading Nigerian crude were on offer. BP was showing Escravos at dated Brent plus $2.50 and Forcados at dated Brent plus $2.85.
* Eni offered a June loading cargo of Saxi at dated Brent plus $1.90 and Brass River at dated Brent plus $1.50 a barrel.

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* Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict.

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