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LequteMan
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Nigeria is clawing back lost oil production, following several attacks on oil installations by Niger Delta militants, Reuters reports.
Nigeria's oil production output had had hit a 22-year low following the attacks.
Also, Italy's ENI on Tuesday confirmed it issued a force majeure - suspension of deliveries because of events beyond its control - on Brass River crude, leaving at least four crude streams under force majeure on Tuesday.
But both current and planned exports have already begun to edge higher, according to traders and early July-loading programmes.
Planned exports of Qua Iboe were set at 337,000 barrels per day (bpd) for July, the highest since January. Already this week, traders said Exxon Mobil's production was approaching 300,000 bpd, close to the initially planned May exports of 317,000 bpd.
Bonny Light exports for July were also pegged at 240,000 bpd, the highest of 2016. Even as both grades remained under force majeure, traders said cargoes were loading with less than two weeks of delay.
"The Nigerian issue seems to be easing," one trader said.
"Cargoes are loading," another trader informed, adding the forces majeure were largely just delaying the loadings of Bonny Light, Qua Iboe and Brass River.
Traders said that even Forcados, which has been under force majeure since February, was loading in small amounts via alternative export pipelines.
Reuters
Nigeria's oil production output had had hit a 22-year low following the attacks.
Also, Italy's ENI on Tuesday confirmed it issued a force majeure - suspension of deliveries because of events beyond its control - on Brass River crude, leaving at least four crude streams under force majeure on Tuesday.
But both current and planned exports have already begun to edge higher, according to traders and early July-loading programmes.
Planned exports of Qua Iboe were set at 337,000 barrels per day (bpd) for July, the highest since January. Already this week, traders said Exxon Mobil's production was approaching 300,000 bpd, close to the initially planned May exports of 317,000 bpd.
Bonny Light exports for July were also pegged at 240,000 bpd, the highest of 2016. Even as both grades remained under force majeure, traders said cargoes were loading with less than two weeks of delay.
"The Nigerian issue seems to be easing," one trader said.
"Cargoes are loading," another trader informed, adding the forces majeure were largely just delaying the loadings of Bonny Light, Qua Iboe and Brass River.
Traders said that even Forcados, which has been under force majeure since February, was loading in small amounts via alternative export pipelines.
Reuters
