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Nigeria’s crude oil output hits lowest record in August at 1.47m bpd 

Nigeria’s crude oil output hits lowest record in August at 1.47m bpd

Records from the statistics unit of the Organisation of Petroleum Exporting Countries (OPEC) has indicated that Nigeria’s crude oil production suffered further drop in the month of August, compared with increased figures among its categories at the same period.

OPEC’s monthly oil market report for September, which was released Monday said Nigeria’s oil output fell to 1.47million bpd in August from 1.52 million bpd in the previous month, dropping by about 4.2 percent against projected 2.2 million.

The country had in the past recorded the biggest increase in output, at least among African oil producing countries, until 2016 when it began suffering renewed hostility from militant groups in the Niger Delta region.

Nigeria had in March lost the status of Africa’s top oil producer to Angola when the country’s production dropped to 1.68 million barrels per day, compared to Angola’s 1.78 million bpd.

The report says OPEC crude oil production stood at 33.24 million bpd in August, a decrease of 23,000 bpd over the previous month.

Crude oil output increased mainly from Saudi Arabia and Iran, while Nigeria and Libya showed the largest drop, it further said.

Libya’s production also dropped to 292,000 bpd from 313,000 bpd, while Venezuela produced 2.104 million bpd, down from 2.117 million bpd.

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Ecuador’s output fell to 542,000 bpd from 549,000 bpd, while Iraq saw its production dropped by 2,000 barrels to 4.354 million bpd.

Saudi Arabia, the biggest producer in the group, recorded the biggest increase in August as it produced 10.605 million bpd, up from 10.577 million bpd in the previous month.

Iran, which has continued to increase output in a bid to snap up more market share after sanctions were lifted, produced 3.653 million bpd, up from 3.631 million bpd.

According to the report, Africa’s oil supply is projected to average 2.12 million bpd in 2016. This represents a decline of 20,000 bpd year-on-year and reflects an upward revision of 10,000 bpd from the August report.

OPEC raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and United States’ shale drillers prove more resilient than expected to cheap crude, pointing to a larger surplus in the market next year.

 

 

 

 

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