Nigeria raises June official selling prices for crude oil
The Nigerian National Petroleum Corporation has increased June official selling prices for two of the country’s major crude oil grades.
Reuters reported on Tuesday that the NNPC on Friday raised the June OSP for both Bonny Light and Qua Iboe crude oil to dated Brent minus $1.05 per barrel.
The May differential for Bonny Light was dated Brent minus $3.95 per barrel and for Qua Iboe, minus $3.92.
Nigeria’s July loading programmes showed higher output on key grades on Tuesday after the country reduced its production in May and June to meet a deal led by the Organisation of Petroleum Exporting Countries to cut output as coronavirus lockdowns weighed on fuel demand.
OPEC and its allies, led by Russia, who are known as OPEC+, agreed in April to cut output by 9.7 million barrels per day for May and June, a record reduction.
Exports of Nigeria’s key crude oil grades, Forcados and Qua Iboe, will jump in July, while Bonny Light will edge slightly lower, loading programmes showed on Tuesday.
Forcados crude oil exports are set to jump to 272,000 barrels per day in July, from 190,000 bpd in June, while Qua Iboe will load at a rate of 215,000 bpd in July, up from only 95,000 bpd in June.
The Agbami and Escravos programmes will have five cargoes each in July.
The country’s Bonga crude oil export terminal has begun a two-week routine maintenance, the operator, Shell, was quoted as saying on Tuesday. It began on May 21.
