Nigeria’s crude oil exports were expected to rise to about 1.88 million barrels per day (bpd) in April from 1.70 million bpd in March, trade sources said on Friday.
The expected April export figures exceed the implied target of 1.67 million bpd set by the Organization of the Petroleum Exporting Countries (OPEC) that came into effect on January 1.
Loadings of six Nigerian blends were up by one cargo compared to March, with Forcados crude expecting an extra three.
Around 285,000 bpd of Forcados crude were expected to be shipped in April, up by 100,000 bpd from March. One trader said this represented a return to normal production levels after unusually low output in recent months.
Nigeria’s Bonny Light crude oil stream was expected to load four cargoes in April, up from three in March.
Eight cargoes of Qua Iboe were slated to load in April, down from 10 in March, April, equaling a drop in the daily loading rate to 253,000 barrels per day from 306,000 in March.
Fellow African OPEC member Angola was set to export 1.62 million bpd in April, steady from March.
The recent drops in supply of high-quality West African crude have supported its value against benchmark dated Brent.
On Friday, traders valued Qua at dated plus $3.25.