Nigerian crude oil exports set to decline in August

Oil

Exports of Nigeria’s four main grades of crude oil are expected to decrease by 25K b/d m-o-m to 743K b/d during August, according to Reuters reporting on preliminary loading programmes. Exports of the Forcados grade are set to decline the most, falling by 51K b/d m-o-m to 272K b/d.

The export declines come as Nigeria attempts to increase their compliance with agreed OPEC+ output cuts, with the Nigerian National Petroleum Corporation (NPCC) outlining earlier this month that extra cuts of around 40-45K b/d will be needed from mid-August to compensate for over-producing in previous months.