Nigeria, Africa’s largest oil producer, will export 62 crude cargoes in July, loading programs obtained by Bloomberg News that cover 17 of 18 grades show.
Royal Dutch Shell Plc sold a second cargo of North Sea Forties crude in as many days as the price fell to the lowest in 11 days.
The Central Bank of Nigeria will probably keep its benchmark lending rate unchanged at a record high to bolster its foreign-currency reserves and support the naira after oil prices fell last month.
Nigeria’s slow implementation of structural economic reforms is limiting its chances of a credit- rating upgrade, Moody’s Investors Service said.
Nigeria has about 20 crude cargoes of loading in June available for sale, out of 66 lots scheduled for export next month, according to four traders who participate in the market.
Nigeria plans to sell $1 billion of Eurobonds to finance power projects after meetings with international investors in June, Finance Minister Ngozi Okonjo- Iweala said.
BP Plc bought North Sea Forties crude at the lowest price in 10 days. Glencore Xstrata Plc sold Russian Urals blend at a bigger discount to Dated Brent.
The naira rose to the highest in a month as investors brought in money to buy Nigerian Treasury bills in a central bank auction and after oil companies were said to sell dollars earlier in the week.
Total SA failed to sell a cargo of North Sea Forties as an extra shipment was added to the May loading program. Gunvor Group Ltd. bid unsuccessfully for Russian Urals blend even as it bid at the highest level in almost six months.
The following is a selection of the most important news affecting the oil market.