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Nigeria oil exports to peak in August

LAGOS — Nigerian oil exports are set to rise in August to the highest level in more than 51/2 years, a provisional loading programme showed  yesterday while benchmark Brent crude has been trading at high premiums against other regional benchmarks.

The August programme showed the African OPEC producer would load about 2.25 million barrels of crude oil per day.

If there is no disruption to output, the volume will mark the largest since January 2006, Reuters data showed. “It is a lot of Nigerian cargoes,” a London-based crude oil trader said. The July provisional programme showed the export to average 2.06 million barrels per day (bpd) in the month.

A relatively large increase is set to come from Bonny Light as the force majeure, which has been in place since the sabotage attack to a pipeline in mid-June, is expected to be lifted. The August programme showed about 255,000 barrels of the crude will be loaded daily in the month, compared with the estimated 215,000 bpd in July.

“The force majeure is for June and July only, as set out in the original statement, issued on 13 June,” a spokesman for operator Royal Dutch Shell said yesterday.

The August volume includes crude oil only. Nigeria also produces Akpo and Oso condensates, which are expected to total roughly 150,000 barrels per day in August.

IMF top job: Agustín Carstens versus Christine Largade
The two contenders for the plump IMF position of Managing Director, French Finance Minister Christine Lagarde and Agustín Carstens Governor of Central Bank of Brazil are facing the IMF Executive selection board for screening and eventual selection of the more suitable of the two. The board is to vote and make the final selection on the 30th of June.

On Tuesday 21 and Wednesday 22 Augustin Carstens is billed to face the board and made presentation of what qualifies him to become the Managing Director of the Fund. 22 and 23 will be the turn of Christine Largade to make his presentation as part of the build up to the final selection of one of them as the Managing Director of the IMF.


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