Business
Nigeria To Raise Crude Oil Exports By 1.7%, February
Nigeria a favored supplier of crude oil to refiners in United States of America (USA) has unfolded plans to increase its exports volume by about 1.7 percent a day in February, against the January profit, going by preliminary loading schedules obtained from online sources recently.
And come next month engine lubricants would no longer be sold or retailed from bulk containers rather; approved branded packaged products would be offered end users.
The initiative was aimed at outlawing in wholesome products in outlets throughout the country.
Shipments of Nigeria’s 14 biggest crude grades will average about 1.965 million barrels a day, or a total of 55 million barrels a day.
The schedule include at least four barges of Forcados, delayed from January or 1.91 million barrels a day will load in that month.
Nigerian crude as the light, sweet variety of oil favoured by refiners for the quantity of gasoline it produces.
Production is rising as the country restores output shuttered by rebel attacks earlier this year.
The schedules for Pennington, Okono, EA and Abo Crude Exports in February are not available.
In January, exports of those grades are scheduled to average 203,226 barrels a day. Loading programmes are subjecting to change.
Nigeria has an organisation of Petroleum Exporting Countries production target of 1.673 million barrels a day.
The Minister of Petroleum Resources, Dr. Rilwan Lukman gave the directive on Lubricants sale recently in Abuja, in an address to the Ministerial Committee charged with the responsibility of sanitizing the lubricant market.
Already the minister said he has directed the Department of Petroleum Resources (DPR) to ensure that all marketers comply with the directive and the department has ensured that all lubricant dispensing tanks are disposed of appropriately.
He equally maintained that any marketer who fails to comply will be made to face the full wrath of the law.
The minister explained that the directives were in the nation’s interest as it had become necessary to protect equipment, engines and machinery against unwholesome handing of base oils, which serve as raw materials for lubricant production.