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Nigeria’s oil production up by 12% in September – OPEC

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The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday Nigeria’s crude oil production averaged 1.451 million barrels per day in September.

In its Oil Market Report for October obtained by Ripples Nigeria, the Vienna-based organization revealed that the figure was 12 percent or 156 million barrels per day higher than 1.296 million barrels per day produced in August.

It also noted that Nigeria’s non-oil economic activities increased during the period despite the lingering effects of the COVID-19 pandemic.

READ ALSO:DPR advocates 30% cut in Nigeria’s oil production cost

OPEC, however, said both consumer and business confidence had increased, driven by the overall positive sentiments related to the easing of COVID-19 restrictions and rising commodity prices.

Despite the recent surge in crude oil prices, Nigeria has been wrestling with technical challenges and unable to exploit the rising prices to considerably boost export revenues.

Following a drop in output that began in the second quarter of 2021, daily production was reported at an average of 1.27 million barrels per day (ex-condensate) in the fourth quarter.

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