Nigeria’s crude oil export has been predicted to drop to 1.43 million barrels per day from an average of 1.79 million barrels.
This is 900,000 barrels lower than the crude oil production benchmark set in the 2018 budget, which is 2.3 million barrels a day.
Although the Organisation of Petroleum Exporting Countries agreed that members cap supply at 1.8 million barrels, Nigeria and Angola were exempted from the agreement.
Reuters reports that the loading plans for July released on Monday had 48 cargoes compared to the usual 60 cargoes.
The projected decline is attributed to the force majeure declared on Bonny Light exports, which has been in effect since May.
July’s export plan showed that the four cargoes of Akpo condensate have 123,000 bpd, compared with four cargoes in June with 133,000 bpd.
Agbami, Bonga and Qua Iboe all had an extra cargo. Forcados’ cargoes reduced by three and Escravos, by one.
A number of smaller streams showed no cargoes would load in July.
Of the 48 cargoes of Nigerian crude offered for July, 30 are still available while Angola’s July loadings have been sold out.