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Crude oil trades at $112.50, as Nigeria’s output drops to three-month low

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Oil rebound ends amid hints of bigger output; Bonny Light gains $0.24

The Organisation of Petroleum Exporting Countries (OPEC) has put Nigeria’s oil production output at 1.32 million barrels per day, bpd, for April 2022.

OPEC revealed this in its May 2022 Monthly Oil Market Report, MOMR obtained by Ripples Nigeria on Wednesday.

April production output represents a three-month low when compared to the 1.34 million bpd recorded in March and 1.37 in February.

The data also indicates that Nigeria again produced 400,000 less than the 1.7m OPEC quota which is worth N17.4bn (N418.3m) daily as the average price for oil traded at $104.58 per barrel.

Read also: Senate identifies crude oil theft as major cause of Nigeria’s economic downturn

Despite the low output, Nigeria remains the highest producer in Africa, ahead of second place Angola which produced 1.16 million, while Equatorial Guinea is the least with 94,000 bpd.

OPEC expects Nigeria to produce 1.773 million bpd in June 2022, as part of measures targeted at achieving market stability amid the Russia and Ukraine war.

Meanwhile, Brent crude the international benchmark price for Nigeria’s oil fell by 1.57 per cent or $1.79 on Tuesday to close at $112.50 per barrel.

Meanwhile, the US West Texas Intermediate (WTI) crude dropped 0.7 per cent or 80 cents to $113.40 per barrel.

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