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Nigeria Plans To Boost Bonny Light Oil Exports in August

OIL

Nigeria is planning to increase Bonny Light crude exports to 155kbpd in August, the highest level since April 2021, despite a glut of unsold crude cargoes in July amid the country’s request to collect backdated taxes from shipping companies according to a loading schedule.

  • The country plans to ship five Bonny Light cargoes with a combined volume of 4.8mn barrels in August, up from three cargoes carrying 2.95mn barrels in July.
  • This is despite the country has been dealing with some unsold crude cargoes for July because of request to collect backdates taxes from shipping companies which has been putting off buyers Bloomberg reported last week.
  • There are between 20-22 cargoes that remain unsold for July according to Bloomberg.
  • Other August Nigerian loading schedules in b/d, comparison with July:
    • Amenam gained to 123k b/d in August from 92k b/d in July
    • Bonga rose to 163k b/d from 131k b/d
    • Highest since July 2019
    • Bonny Light increased to 155k b/d from 95k b/d
    • Highest since April 2021
    • EA stable at 32k b/d vs 31k b/d
    • Erha also stable at 92k b/d
    • Forcados grew to 234k b/d from 219k b/d
    • Qua Iboe steady at 153k b/d
    • Usan also steady at 32k b/d

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