A survey by Reuters has revealed that the decision of the Nigerian National Petroleum Company Limited (NNPCL) to suspend crude supply to Dangote and other refineries affected the output of the Organisation of the Petroleum Exporting Countries (OPEC) in March.
According to findings of the survey, supply from Nigeria, Iran, and Venezuela fell by 50,000 bpd each, in March.
Nigerian supply was said to have declined “due to reduced deliveries to the Dangote refinery, offsetting higher exports,” it said.
Reuters further stated that Nigeria is pumping slightly above its OPEC quota.
In March, OPEC pumped 26.63 million barrels per day, down 110,000 bpd from February’s total, the survey showed, with Nigeria, Iran and Venezuela posting the largest drops of 50,000 bpd each.
Iranian and Venezuelan supply had dropped on renewed United States attempts to curb the flows.
A report by S&P Global last month said the NNPCL delayed the delivery of seven cargoes of crude oil it allocated to the Dangote Refinery last month over the failure of both parties to agree on payment terms.
According to the report, the cargoes were to deliver around 245,000 barrels per day in April, amounting to 7.2 million barrels in 30 days.
“According to trade sources and Nigerian port authorities, NNPC has allocated seven crude oil cargoes to deliver around 245,000 barrels per day to the Dangote site in April but is yet to agree on payment terms,” the report stated.
In a new development, the federal government on Wednesday, directed the continuation of the naira-for-crude policy which first phase ended on March 31.
