Nigerian volumes set to slip

Nigerian volumes set to slip

Nigerian oil export volumes are expected to slip in October after cooling demand has hit sales prices, dealing a double blow to Africa's top exporter.

* Exports of Bonga crude will fall to one cargo in October, down from three in September, while Qua Iboe is slated for four export cargoes, down from five the previous month.

* The Forcados and Bonny Light crude streams remain under force majeure.

* Sales prices for Nigerian crude are down by as much as $3 a barrel from record highs last month, with demand cooling because of lacklustre refining margins in the European market.

* Official selling prices issued by the Nigerian National Petroleum Corporation showed a hefty cut to September values, by about 70 cents across many grades, though some traders said these underestimated the decline in actual prices.

* State oil company Sonangol was bullish about demand, offering cargoes of Olombendo and Girassol crude at dated Brent plus $8 a barrel.

* Traders said the completion of maintenance season for Chinese refineries could push up buying after a slow summer.