Nigeria’s crude oil exports see slight increase in December, shipping schedule released

⑴ Preliminary shipping data shows that the export volume of the four major Nigerian crude oil grades reached 892,000 barrels per day on the 12th, up approximately 2.1% compared to November. ⑵ Exports of Qua Iboe, Forcados, and Bonny Light all increased month-on-month, while only Bonga crude oil saw a decline in shipment volumes. ⑶ Industry analysts believe that this increase in exports is limited and unlikely to offset the supply contraction caused by Middle East geopolitical conflicts, making it difficult to significantly suppress oil prices in the short term.