Nigeria’s Crude Oil Exports To Fall To 602,000 BPD From 828,000 BPD

Nigeria’s Crude Oil Exports are exported to fall to 602,000 Barrels Per Day in June after data from oil traders emerged on Friday.

Nigeria’s four key grades are expected to see a combined reduced export margin in June compared to May.

Royal Dutch Shell expects it exports of the Nigerian Bonny Light to fall to 190,000 BPD from 245,000 it planned in May.

The other Nigerian Crude grades expected to see falls in exports numbers are Qua Iboe from 215,000 to 95,000 and Forcados from 245,000 to 190,000 BPD.

The Bonga crude grade will be stable at 127,000 BPD for June exports.

This comes as IMF expects Nigerian Crude Oil export value for the year to drop by $26.5 Billion.

The Covid-19 Pandemic has negatively affected the global demand for crude oil raising fears of Nigeria’s economic direction during the Pandemic.