BLBG: Nigeria’s Daily Crude Exports Set to Increase 2.2% in December
Nigeria, a favored supplier of oil to U.S. refiners, plans to increase daily exports of its 17 biggest crude grades by about 2.2 percent in December, preliminary loading plans show.
Shipments of the Nigerian crude will average about 2.33 million barrels a day, according to loading plans obtained by Bloomberg News. That compares with 2.28 million barrels a day in the shorter month of November.
Nigerian crude is mostly made of the light sweet variety favored by U.S. refiners for the quantity of gasoline it produces when processed. The oil trades as much as two months in advance. The west African state has a production target of 1.673 million barrels a day under its Organization of Petroleum Exporting Countries’ quota.
U.S. Gulf Coast refining margins for Nigeria’s Forcados are at $6.35 a barrel, compared with $6.80 a month ago, according to data compiled by Bloomberg.
