Despite the global oil price fall
affecting the exploration and production activities of the oil industry, Africa’s
most populous nation, Nigeria intends to export crude amounting to at least 2.04
million barrels per day (bpd) of crude oil in October 2015. This export rate
would be seen as the highest recorded so far this year according to reports by
Reuters.
In September, the planned
quantity for exports is below 2 million barrels per day (bopd) and amounts to
the highest export recorded so far in this year.
The record however, comes at an
unfortunate time for Nigeria, as European refinery maintenance typically peaks
in October, limiting the amount of crude oil they consume while Asian demand
has also started to wane, with Chinese refineries cutting runs and its shaky
economic growth beginning to impact on international commodity markets.
The outlook sees more pressured differentials
to dated Brent for West African crude grades as the Brent benchmark on which
Nigerian export prices are based are still close to 6-1/2 year lows.
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