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Nigeria October exports lowest this year

23 Aug 2012, 11.44 am GMT

Nigeria October exports lowest this year

London, 23 August (Argus) — Nigeria will export 2mn b/d of crude in October, little changed on September and far from state-owned NNPC's recent claim of 2.7mn b/d crude production.

The 2mn b/d figure, excluding condensates, is the lowest this year against highs in March and April of 2.4mn b/d for Nigerian exports.

Crude oil theft from pipelines, remains a significant problem in the country with 180,000 b/d estimated to be lost.

Bonny Light suffered a three month force majeure from May to the end of July after repeated pipeline attacks, causing reduced output through the summer for the key grade.

Other light sweet grades, including Amenam and Antan, are suffering lower than average production.

At the beginning of August, NNPC said crude production hit 2.7mn b/d for the first time, citing the success of new security measures in the Niger Delta in preventing crude theft.

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