Nigeria’s exports of four major crude oil grades are projected to decline significantly in March, according to preliminary loading programmes reviewed by Reuters.
Data from the schedules indicate that combined loadings of Qua Iboe, Bonny Light, Bonga and Forcados are expected to average 793,000 barrels per day (bpd) in March. This represents a drop of about 14 per cent compared with the 922,000 bpd scheduled for export in February.
The reduction is largely driven by sharp cutbacks in Bonga and Forcados crude loadings. Bonga exports are expected to fall to 61,000 bpd in March, down from 139,000 bpd in February, while Forcados is projected to decline to 266,000 bpd from 344,000 bpd in the previous month.
In contrast, exports of Qua Iboe and Bonny Light are forecast to edge higher. Qua Iboe loadings are set to rise to 184,000 bpd, compared with 170,000 bpd in February, while Bonny Light is expected to increase to 282,000 bpd from 269,000 bpd.
Nigeria, Africa’s largest oil producer, relies heavily on these crude grades for export revenue. Any sustained decline in shipments could have implications for government earnings and global supply balances, especially at a time when the international oil market is closely monitoring production levels from major exporters.
The figures remain preliminary, and final loading programmes could still change.
Nigerian Crude Oil Loading Programmes (February–March)
| Crude Grade | February Loadings (bpd) | March Loadings (bpd) | Change |
|---|---|---|---|
| Qua Iboe | 170,000 | 184,000 | +14,000 |
| Bonny Light | 269,000 | 282,000 | +13,000 |
| Bonga | 139,000 | 61,000 | −78,000 |
| Forcados | 344,000 | 266,000 | −78,000 |
| Total | 922,000 | 793,000 | −129,000 |
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