Breaking: Nigeria crude oil production slides to 1.23mbpd

Breaking: Nigeria crude oil production slides to 1.23mbpd

Nigeria’s crude oil production for the month of August 2021, declined to 1.239 million barrels per day, mb/d.

This is a 6.68 per cent drop when compared to 1.323mb/d recorded in July.

According to the latest report from the Organisation of Petroleum Exporting Countries (OPEC) the nation’s daily oil production figure excludes condensate oil production which Nigeria is not under obligation to report to OPEC.

OPEC in its Monthly Oil Market Report published on Monday disclosed that member countries produced 26.76mb/d in August.

The Minister of State Petroleum Resources, Chief Timipre Sylva had in July this year disclosed that Nigeria’s OPEC oil production quota had risen to 1.554 million barrels per day excluding condensate oil. The quota was raised further by 38,000bp/d when the group alongside its allies led by Russia agreed to raise global oil supply in its August meeting.

READ ALSO: Ghanaians can now enter UAE without visa

OPEC in its August report stated that “preliminary data indicates that global liquids production in August decreased by 0.03 mb/d to average 95.69 mb/d compared with the previous month.

“Non-OPEC liquids production (including OPEC NGLs) decreased in August by 0.18 mb/d compared with the previous month to average 68.93 mb/d, higher by 2.36 mb/d y-o-y. Preliminary decreases in production in August were mainly driven by the OECD, and particularly in North America following Hurricane Ida, where output is likely to decline by 0.37 mb/d m-o-m.

“An increase of 0.17 mb/d in non-OECD countries is forecast, which includes DoC Participating Countries. The share of OPEC crude oil in total global production increased by 0.2 pp to 28.0% in August compared with the previous month. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources”.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.