By Adewale Sanyaolu with agency reports
NIGERIA’S poor crude oil production continued its decline with latest loading compilation showing a drastic decline for June exports.
The exports, on 52 cargoes, totalled 1.57 million barrels per day (bpd), compared with a revised May programme of 1.6 million bpd aboard 55 cargoes.
Though the export plans did not include Erha, which is the subject of a disagreement between ExxonMobil and Nigeria’s Nigerian National Petroleum Corporation (NNPC). There has been no May loading programme issued for the grade.
If Erha export cargoes are issued, it would likely push the June exports above April, the previous 2016 low, when just under 1.60 million bpd were scheduled for export.
Nigeria’s oil production has been hampered by a force majeure on the Forcados stream that has been in place since February. NNPC has said repairs on the pipeline that feeds Forcados to the export terminal will take until June.
According to the April OPEC monthly oil market report, the issues pushed Angola’s oil production levels above those of Nigeria in March this year.
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