A provisional loading programme has shown that Nigeria’s crude oil export is set to hit annual high in October with a total of at least 2.04 million barrels per day (bpd) for exportation.
The export, the highest level this year, which will load on 68 cargo, could increase as the programmes for at least two grades were still pending.
The amount compares with planned September exports of just fewer than two million barrels per day and is the highest total since January, when the country issued an initial programme of 62.97 million bpd, or 2.03 million bpd.
The record comes at an unfortunate time for the West African nation, as European refinery maintenance typically peaks in October, limiting the amount of crude oil they consume.
Wilting demand in Asia, where Chinese refineries are cutting runs and that country’s shaky economic growth is roiling international commodity markets, has already begun to pressure differentials to dated Brent for West African crude grades.
Additionally, though crude oil futures were rallying yesterday, the Brent benchmark on which Nigerian export prices are based was still close to 6-1/2 year lows.

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