Petroleum Africa
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Monday, September 19, 2016
Crude prices hit a multi-week low as news of production additions to the market from Libya and Nigeria are on the way and Iranian exports grow. West Texas intermediate crude futures hit a five week low of $42.74 before settling at $43.03 per barrel and Brent crude futures hit a two-week low of $45.58 before settling at $45.77 on September 16.
The market, already oversupplied, could see an estimated 300,000 bpd added to the mix if reports from Libya’s state oil company NOC pan out. The state-run firm said that it lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider, and Zueitina.
In Nigeria ExxonMobil is ready to resume flow from its Qua Iboe stream, the West African’s country’s biggest export grade. The US firm had declared a force majeure on the crude grade back in July as it halted flows to do repairs on a pipeline. Nigeria should also see Shell restart about 200,000 bpd any time now.
The addition of Libyan and Nigerian flows could potentially triple the global surplus, pushing crude prices even lower. However, the addition of crude by one or both of these countries continuing is more than a little contingent on the control of their respective security situations. Libya has had a number of false restarts and Nigeria still has militant groups popping up on a regular basis in the Niger Delta.
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