By Ukumbi Afrika Lagos, crude oil loading programme has begun to take shape, with early schedules showing steady export volumes as traders closely monitor global supply risks and pricing trends.
According to preliminary loading programmes seen by Reuters, Nigeria is expected to export four cargoes of Escravos crude, two cargoes each of Agbami and Utapate, and one cargo of Usan crude during September.
Across the region, Senegal is projected to load three crude cargoes, while Ivory Coast's Baleine offshore project is expected to export around three cargoes. Chad is also scheduled to load four cargoes of its Doba crude.
Despite the release of the initial loading schedules, traders say the West African crude market remains in a cautious "wait-and-see" phase. Oil differentials have largely held steady, although some sellers have raised their asking prices amid renewed concerns over potential supply disruptions linked to tensions in the Middle East.
Chad's Doba crude has strengthened in recent weeks, with offers improving to around $2 below dated Brent, compared with $4 below dated Brent earlier this month.
Global oil markets continue to watch geopolitical developments closely after Yemen's Houthi movement claimed attacks on two Saudi oil tankers in the Red Sea, raising fresh concerns over shipping security and crude supplies. The situation comes as trade through the Strait of Hormuz remains significantly disrupted, keeping energy markets on edge.
Adding to supply concerns, Kazakhstan announced it had reduced crude production after suspected Ukrainian drone attacks forced the closure of its main Black Sea export terminal, a route that normally handles about 2% of global daily crude exports.
In a separate development, trade data showed Nigeria emerged as the largest exporter of fuel oil to Singapore during the past week, highlighting the country's growing role in supplying refined petroleum products to Asian markets.
While the September export schedules provide greater visibility into regional supply, traders say pricing direction will continue to depend on geopolitical developments, refinery demand, and the broader balance of global crude markets in the weeks ahead.
Source: Reuters
Reporter: Seher Darren
Editing: Kirsten Donovan