24DEC2018 - NEWS - Total SA poised to start exports of crude from a major new offshore field in Nigeria

Total SA is poised to start exports of crude from a major new offshore field in Nigeria, adding to global supplies at a time when oil prices are plunging. Shipments of Egina crude from a floating offshore production vessel have been scheduled for February, according to a copy of a loading program for the new grade seen by Bloomberg. Initial exports should be just over 100,000 barrels a day but could double in the following months. The extra supplies will arrive at an awkward moment for an oil market that’s seen prices for benchmark Brent and West Texas Intermediate grades plunge by more than $30 a barrel since early October. The project will also bolster Nigerian production when the country is meant to be restricting supplies to help OPEC and its allies avert a glut. Nigerian crude production has dipped in recent years and stood at about 1.76 million barrels a day in November.

Published by Editor - www.Livebunkers.com at 24-Dec-2018 05:42:40 [UTC] , contact editor at editor@livebunkers.com