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Nigeria Loadings for Feb Increase as Production Recovers

OIL

Nigerian crude loading schedules suggest an increase in crude exports of 18% in February from the 10 grades currently published according to Bloomberg.

  • Exports from the crude grades of 1.04mbpd are expected in February compared to 0.88mbpd in January.
  • Nigeria's minister of state for petroleum yesterday said crude production has increased from 900kbpd to between 1.4mbpd and 1.6mbpd.
  • Improved security has helped reduce pipeline vandalization and crude theft which has kept production below the current OPEC+ target of 1.742mbpd.

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