Tuesday, 02 February 2021 06:13

Nigeria’s crude oil exports decline due to infrastructure issues - Report

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Nigeria -- West Africa’s biggest oil producer - has seen its shipments curtailed in recent months by infrastructure issues affecting several of its biggest crude streams. The nation’s loadings fell to 1.37 million barrels a day in January, the lowest for four years, according to separate data based on loading schedules compiled by Bloomberg.

Exxon Mobil Corp.’s Qua Iboe stream was placed under force majeure until late Januaryfollowing a fire in mid-December at the grade’s oil export terminal. Revised loadings of Qua Iboe slumped to about 61,000 barrels a day over December and January, the lowest rate in more than four years. Liftings averaged 190,000 barrels a day last year, the loading data show.

Nigeria’s Brass crude flows also slumped as shipments were rescheduled following pipeline problems late last year. Eni SpA lifted a force majeure -- a clause in contracts that allows deliveries to be suspended -- on Brass exports in mid-December following repairs to two pipelines that lead to the Brass oil terminal.

Exports of Royal Dutch Shell Plc’s Forcados crude -- the nation’s biggest oil stream -- were also briefly placed under restrictions last month after a pipeline for that facility experienced leaks, although crude flows weren’t fully halted.

 

Bloomberg

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