Nigeria has revised down its crude oil export programme for May and June to align itself with a global production cut deal led by the Organisation of Petroleum Exporting Countries.
The international oil price, Brent crude, rose by $2.13 to $22.59 per barrel as of 8:45pm Nigerian time on Wednesday.
Reuters reported that ExxonMobil operates one of Nigeria’s key grades, Qua Iboe, which has seen planned exports slashed in June to 95,000bpd, compared with an original May programme of 215,000 bpd.
Offshore fields in Nigeria – Erha, Yoho and Usan cargoes for the three grades have been rolled into the following month and only Yoho has a dedicated June schedule of one 350,000-barrel cargo.
---
Support this podcast: https://anchor.fm/newscast-africa/support
Learn more about your ad choices. Visit megaphone.fm/adchoices