By Ediri Ejoh & Prince Okafor

Nigeria’s crude oil exports are on track for a month-on-month rise in March after a string of loading delays pushed back some cargoes.

Exports are slated to reach 1.62 million barrels per day (bpd) in March on 55 cargoes, up from a revised February loading schedule of 1.48 million bpd on 46 cargoes.

Shipments of Erha and Qua Iboe that were originally planned to load in February were deferred, adding to the March exports and taking away from the original February plan of 1.62 million bpd, loading programmes compiled by Reuters revealed.

Meanwhile, Oil prices fell yesterday as news of another weekly increase in the United States drilling activity had oil forecasters concerned that production cuts from other producing nations may not reduce the global supply glut as much as had been hoped.

Global benchmark Brent crude oil prices settled down 29 cents at $55.23 a barrel, while U.S. crude futures settled down 54 cents at $52.63.

The Organization of the Petroleum Exporting Countries, OPEC and other producers including Russia agreed to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017 to relieve a two-year supply overhang.

According to Petro-Logistics, “First indications of compliance to that deal show members have cut production by 900,000 barrels per day (bpd) in January, which tracks OPEC supply.”