Crude oil exports from Nigeria set to fall in June

Oil

Preliminary port loading schedules indicate that exports of Nigeria’s four key crude oil grades are set to decline to 602K b/d in June, a fall of 226K b/d m-o-m from the planned May volumes, Reuters reports. The Qua Iboe grade is expected to experience the largest cuts, with June exports falling by 120K b/d m-o-m to 95K b/d.

 Energy Intelligence also reports that ‘more than 40% of the initial June schedule consists of rescheduled May cargoes’, as ambitious Official Selling Prices (OSPs) set by the Nigerian National Petroleum Company are set to make unsold crude oil hard to clear.