Nigerian March Oil Exports Plans Begin To Emerge
Nigerian export plans for March began to emerge on Friday as cargoes for February sold out amid strong demand.
Nigeria’s Qua Iboe stream will load six crude cargoes in March, according to preliminary export plans seen by traders.
The Nigerian Yoho and Usan streams will each export two cargoes, Erha will export four cargoes and the Zafiro stream from Equatorial Guinea will export one cargo.
Buyers of Nigerian crude cargoes in the last month including energy majors are seeking to re-sell a small handful of cargoes as demand and sale prices reached highs not seen for at least a year.
High offer prices may mean few will ultimately sell, traders said.
An expected rise in global output along with market backwardation and an increase in freight rates mean sale prices for March-loading cargoes are likely to be lower, they added.
Refiners globally are reaping the highest profits from gasoil production in years on stronger than expected demand and tight supplies despite concerns about the Omicron coronavirus variant’s impact on the world economy.
OPEC’s share of Indian oil imports fell in 2021 to the lowest in more than a decade despite a 4% rebound in annual crude purchases by the world’s third biggest oil importer, data obtained from industry sources showed.
Source: Reuters (Reporting by Noah Browning; Editing by Alison Williams)