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REFILE-UPDATE 2-Nigeria's Aug oil exports to top 2 mln bpd, 17-month high
June 21, 2017 / 4:55 PM / 5 months ago

REFILE-UPDATE 2-Nigeria's Aug oil exports to top 2 mln bpd, 17-month high

 (Changes headline to barrels per day from barrels)
    By Libby George and Julia Payne
    LONDON, June 21 (Reuters) - Nigeria's crude oil exports are
set to exceed 2 million barrels per day (bpd) in August, the
highest level planned for 17 months, as the nation's oil
industry nears a full recovery from militant attacks that
crippled production in 2016. 
    Resurgent production, if sustained, will put further
pressure on efforts by the Organization of the Petroleum
Exporting Countries to trim output in support of oil prices.
    Exports of 2.02 million bpd on 67 cargoes are scheduled so
far in August, according to preliminary loading plans compiled
by Reuters, with an additional 97,000 bpd of Akpo condensate. 
    The plan is the highest since March 2016, which was
scheduled at roughly the same level until a militant attack on
the Trans Forcados Pipeline shut down Forcados exports in
February of that year. 
    Forcados loadings resumed in late May, and operator Royal
Dutch Shell lifted force majeure on the grade early
this month. While Bonny Light, also operated by Shell, is now
under force majeure due to a pipeline leak on one of its two
export lines, the grade is still flowing with loading delays of
roughly 10 days, traders said.
    The August plan compared with 1.84 million bpd initially
planned for July, but loading delays on Bonga, Bonny Light and
Qua Iboe pushed several of the July cargoes into August. 
    While early 2016 exports were set at 2 million bpd,
Nigeria's oil production has not hit that level since October
2015, according to Reuters data. Theft from the nation's oil
pipelines in the Delta region leads to frequent shutdowns,
limiting output, and militant attacks throughout 2016 hobbled
the entire oil industry. PRODN-NG
    The increase comes as Libyan oil production is also
rebounding, hitting 885,000 bpd this week and targeting 1
million bpd by July.
    Libya and Nigeria were both exempt from OPEC-organised
production cuts with non-member nations of 1.8 million bpd, and
their resurgence has added to a glut of light sweet crude in the
Atlantic Basin that is holding benchmark oil prices near
seven-month lows.
 Grade         August    Barrels per
               cargoes   day
 Abo           0         0
 Agbami        8         252,000
 Amenam        2         61,000
 Antan         1         31,000
 Bonga         7         215,000
 Bonny         7         226,000
 Brass River   5         129,000
 EA            1         31,000
 Erha          4         129,000
 Escravos      6         184,000
 Forcados      10        284,000
 Okono         1         29,000
 Okwori        1         29,000
 Pennington    1         31,000
 Qua Iboe      8         245,000
 Usan          3         92,000
 Okwuibome     1         29,000
 Yoho          1         31,000
 Total         67        2,018,000
 * Not yet available
** Grade under force majeure

 (Reporting By Libby George and Julia Payne; Editing by Susan
Thomas and David Evans)

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