Petroleum Africa
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Tuesday, April 1, 2014
According to crude loading data, Angola could rise to Africa’s number one producer spot in May, as Nigeria’s loadings slip to their lowest record since 2009. The drop in Nigerian crude exports is blamed on oil thefts.
Nigeria’s crude exports for May are estimated at 1.59 million bpd, excluding the Forcados and Ebok grades of crude oil, as the data on them has not been released yet. Angolan exports for May were set to be 1.67 million bpd, a Reuters report citing a provisional shipping list said.
Shell was forced to stop exports from the Forcados terminal in early-March due to sabotage on a subsea pipeline and declare a force majeure at the end of March.
Angola’s ascendency to the number one spot is not assured however, the Forcados pipeline should be repaired soon and traders say a small amount of volume could push Nigerian shipments above Angolan levels.
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