South Sudan crude oil exports to fall next month

Juba, February 13, 2015 (SSNA) — South Sudan will export 4.6 million barrels of Dar Blend crude oil in March, down two hundred thousand barrels (just over 4%), compared to February delivery of 4.8 million barrels; a government official  with full knowledge of South Sudan’s Ministry of Petroleum and Mining next month oil delivery told the South Sudan News Agency (SSNA).

The official disclosed that South Sudanese government is anxious about the decline of oil output and current market price.

“We have been noticing decline in our crude oil production, this is clearly a concern for us as [a] government,” the official who spoke on condition of anonymity told the South Sudan News Agency (SSNA).

“Next month, we will export about 4.6 million barrels of dar blend crude oil,” the source added.

Crude oil is currently being produced in Upper Nile State’s oil fields, mainly in blocks 3 and 7.

Late last year, South Sudan’s Foreign Minister, Dr. Barnaba Marial Benjamin, denied reports of drop in oil output.

South Sudan depends heavily on oil revenues and the price of crude oil has plummet.

In May 2014, South Sudan borrowed $200 million from a Chinese oil company and delayed repayments on domestic loans, putting the young nation’s economy viability into question.

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