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OPEC Africa Exports Rise in Oct Led by Nigeria: Kpler


OPEC Africa crude exports rise to a multi-year high in October led by an increase from Nigeria according to Kpler.

  • OPEC Africa crude exports from Algeria, Angola, Libya, Nigeria, Congo Brazzaville, Gabon, and Equatorial Guinea are set to reach the highest since January 2020 at nearly 5mbpd by the end of October.
  • Kpler have revised up the Nigerian Q4 supply estimate by about 100kbpd to 1.7mbpd in October and similar in Nov and Dec while African supply was supported by Angola, Algeria, and Gabon in Oct.
  • Nigerian output has increase after a reduction in oil theft due to improved security measures by the Nigerian government. Recent NUPRC data shows strong Nigerian output in September at about 1.6mbpd.
  • Flows could decrease due to subdued European demand and pressured spot premiums for Nigerian and Angolan grades.

Source: Kpler

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