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OIL
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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