After a year of disruption, Forcados, Nigeria’s largest crude oil terminal, Forcados will be coming fully on board.
According to oil traders who spoke to Thomson Reuters News Agency, Forcados will be optimising close to 70% of its loading capacity for the month of June.
Last month (for the month of May), the terminal was only able to load three cargos. The latest capacity will see Forcados turning out about 197,000 barrels of crude exports per day. According to Reuters estimates, this is equivalent of six cargos per day.
Analysts said they foresee Nigeria nearly hitting its 2,2 million barrels per day target. Last month Oando, one of Nigeria’s indigenous downstream and upstream oil major said Nigeria will meet the quota.
Angola, the second largest oil producer in Africa is also looking at ramping up its production levels. According to Reuters, Unipec bought a cargo of Hungo from Eni. Earlier this week it bought a cargo from Sonangol. Price details and other conditions were kept private.Sonangol and Shell both sold their cargoes of Dalia. Sonangol had been offering Dalia at dated Brent minus USD1.10 a barrel.
The rate at which Nigeria’s production is going, global crude prices might see a weakening in prices which is a bad news for shale producers. At its last meeting, OPEC had exempted Nigeria from the production cuts because of the countries several months of disruptions.