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NNPC lifts export of 4 key oil grades for September to 756,000bpd

NNPC lifts export of 4 key oil grades for September to 756,000bpd

The Nigerian National Petroleum Corporation (NNPC) Monday expanded its export of 4 key crude oil grades for September to 756,000 barrels per day, two per cent higher than that of August, put at 743,000.

Smaller loadings will include three Akpo cargoes plus one partial cargo, three Amenam cargoes, four cargoes of Egina including one partial cargo and one cargo each of EA, Yoho, Erha as well as Usan, Reuters said, quoting NNPC.

Bonny Light, Nigeria’s banner crude grade, and Qua Iboe, another major national grade were being offered at around dated Brent plus 90 cents to plus $1.

Read also: NNPC’s trading deficit soars by 200% to N30.8bn in one month

Meanwhile, the NNPC equally ramped up its official selling prices for Bonny Light BON-E and Qua Iboe crude QUA-E for the month of August to dated Brent plus 61 cents and plus 65 cents a barrel in that order.

Bonny Light’s and Forcados’ loading schedules will altogether have seven cargoes, with Qua Iboe having six and Bonga four.

Nigeria is expected to honour the Organisation of the Petroleum Exporting Countries quota by pumping around 1.37 million bpd in July to make up for previous under-compliance.

Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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