Oil exports slip in February
LAGOS—NIGERIAN National Petroleum Corporation, NNPC, Tuesday, vowed to consolidate on the free flow of petroleum products across the country which was evident during the Yuletide and Sallah festivities.

For the first time in decades Nigerians witnessed zero disruptions in the availability of petroleum products in sharp contrast with the recent past when artificially induced fuel scarcity was a permanent fixture during the end of year and major religious festivities.

Addressing news men at the end of an assessment tour across filling stations in Abuja and Lagos after the Christmas and New Year festivities, the Group General Manager of the Group Public Affairs Division of the Corporation, Dr. Levi Ajuonuma, said the present management of the NNPC under the watch of Engr. Austen Oniwon has resolved to ensure a sustained policy of zero tolerance for fuel scarcity during major festivities and indeed all year round.

Dr. Ajuonuma said the Minister of Petroleum Resources, Mrs. Diezani Alison_Madueke has worked closely with the NNPC to ensure free flow of petroleum products throughout the country which characterized 2010 and efforts are being made to sustain it beyond the yuletide.

Ajuonuma noted: “The NNPC’s New Year tiding to the nation is that Nigerians should be ready to enjoy unimpeded supply of petroleum products all year round. I make bold to put on record that the era of product scarcity is over.”

He said the drive to expand the scope of operation of NNPC Retail received extra fillip during the year as the number of acquired and affiliate stations increased to 502.

The NNPC spokesman said the move was in furtherance of the strategic plan by the NNPC to own at least 50 percent of the entire filling stations in the country with the aim of squelching future artificially induced fuel scarcity.

Dr. Ajuonuma further revealed that as at close of work on December 24, 2010, the PPMC had over 41 days sufficiency in premium motor spirit, 59 days supply of kerosene and over 30 days stock of diesel.

The NNPC spokesman averred that the huge stock of products banished every talk of fuel scarcity or thought of hoarding of petroleum products due to the perennial fear of the unknown which characterized past festive seasons.

THE nation will export around 2.06 million barrels per day, bpd, of crude oil in February, down from about 2.13 million bpd scheduled in January, trade sources have said.

Even so, supply is expected to remain far above the production target Nigeria got through its membership of the Organization of the Petroleum Exporting Countries. Nigeria’s OPEC output limit is 1.67 million bpd.

Africa’s largest oil exporter will ship 64 full or part cargoes in February, loading programmes showed, compared with 72 in January. The biggest stream will be Qua Iboe, which will load 12 cargoes, one less than in January.

Nigeria’s total daily exports in February will be the lowest since June 2010, according to Reuters data.
* Qua Iboe valued at dated plus $2.00 to $2.10, steady Nigerian crude oil differentials remained stable at firm levels on Wednesday, helped by lower supplies of some grades in February and robust demand. “It’s been strong compared to previous months and it’s not showing any signs of coming off at the moment,” a trader said.

Meanwhile, most Angolan cargoes for February were thought to be sold.
Qua Iboe Light: Valued at dated plus $2.00 to plus $2.10 on Wednesday remained unchanged. Offers this week have been coming from dated plus $2.00 to plus $2.10, traders said.

Traders said cargoes loading Feb. 7-8, 19-20 and 23-24 were still available, as were two end-month cargoes thought to be held by BP.

However, Bonny Light was valued at a 15- to 20-cent discount to Qua Iboe. Traders said supply of the grade, which was under force majeure for a month until around Dec. 20, was looking ample.

Checks revealed that Erha, another blend of Nigerian crude: valued around dated plus $2.20 to plus $2.30.
ANGOLA

Little is left for loading in February with many crude streams already sold out.
Sonangol was heard to have moved its Feb. 15-16 cargo to Shell. Traders valued the grade around dated minus $2.40.

Asian Buying Tenders
* India’s largest state-owned refiner Indian Oil Corp (IOC) has issued a tender to buy March arrival sweet crude. The tender closed on Jan. 4 with bids valid until a day later.

Nigeria adds Chinese yuan to tradeable currencies
In a related development, Nigeria’s central bank said yesterday it had added the Chinese yuan to a list of tradeable currencies in the domestic foreign exchange market as trade flows with Beijing increase.

“We have issued a circular to the banks permitting them to trade in yuan,” central bank spokesman Mohammed Abdullahi said.