By Udeme Akpan with agency report
Exports of four major Nigerian grades of crude oil were set to rise in August, according to preliminary export programmes seen by traders.
According to Reuters, Nigeria’s planned August exports for Bonga, Bonny Light, Qua Iboe and Forcados grades were set to hit 954,000 barrels per day (bpd), up 155,000 bpd from July.
It stated that exports of Forcados rose sharply, up 60,000 to 275,000 bpd after the stream encountered loading delays for July which unnerved traders and hurt the grade’s differentials.
Meanwhile, the price of Bonny Light, Nigeria’s premium oil grade, yesterday, dropped from $66.10 to $65.06 in the global market, indicating only over $5.06, excess of the nation’s $60.00 per barrel 2019 budget benchmark price.
The prices of other crudes – Brent, the Organisation of Petroleum Exporting Countries, OPEC Basket of 14 crudes also stood at $64.28 and $65.05 per barrel respectively.
However, speaking recently at the 3rd Dundee Energy Forum, entitled “What is the Future of International Energy Cooperation in the light of New Concepts of Sovereignty?” University of Dundee, United Kingdom, HE Mohammad Sanusi Barkindo, raised hope for increased market stability. He said: “It is also important for me to underscore here that the commitment of OPEC and its non-OPEC partners in the ‘Declaration’ to a balanced market and a sustainable stability remains our key objective. We are responsive and alert to shifting market dynamics, and adaptable to ensure that we remain on track.’’
“We realize that that many underlying risks remain. We are closely monitoring oil market developments and the economic bearishness that has been prevalent in markets in recent weeks, with major challenges and uncertainties related to ongoing trade negotiations, monetary policy developments, as well as geopolitical issues.”