London - Nigeria's oil exports are set to decline by 70 000 barrels per day (bpd) in February to an eight-month low because of reduced supplies from several crude streams in a short month, trade sources said on Tuesday.
Africa's largest exporter will ship around 2.06 million barrels per day (bpd) of crude, down from 2.13 million bpd in January, the sources said. February's total will be the lowest since June 2010, according to Reuters data.
The drop reflects the way cargoes are scheduled in the shorter month of February, rather than reduced supply due to oilfield maintenance or militant attacks on oil facilities, traders said.
“It's probably just a function of the number of days - end-January and early-March cargoes just squeezed out of the February programme,” said a West African crude trader.
Prices of Nigerian crude have risen since the lower export schedules for February began to emerge before the Christmas break, and reduced supply has played a part.