June 30, 2017/Cowry Asset

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Nigeria’s external sector is expected to record a boost in petro-dollar receipts on the back of anticipated increase in crude oil output in H2 2017. In the just concluded week, the Shell Petroleum Development Company (SPDC) lifted the force majeure declared on exports of Bonny Light, Nigeria’s reference crude oil grade, on Wednesday, June 28, 2017.

This followed repairs on the vandalized 600,000 barrels per day capacity, 100-kilometre Nembe Creek Trunk Line (NCTL) which feeds the Bonny export terminal in Rivers State. Nigeria’s crude production rose month-on-month by 11.55% to 1.68 million barrels per day in May 2017, the highest level in more than one year, on the back of the recent resumption of Forcados loadings for the first time since October 2016… click here to view details.