Nigeria Boosted Oil Output in September

Nigeria Boosted Oil Output in September

The Organization of Petroleum Exporting Countries (OPEC) showed that Nigeria’s crude oil output rose by 280,700b/d to 1.385mb/d in September, Oil Price reported.

Yet, Nigeria is unable to claim its position as Africa’s top oil producer, a title currently held by Angola with 1.649mb/d of oil output in September, according to Naija247 News. The Nigerian National Petroleum Corporation (NNPC) cited attacks on the country’s oil infrastructure earlier this year as the cause for a 700,000b/d drop in the it’s oil production.

OPEC’s overall crude oil output averaged 33.39mb/d during September, an increase of 220,000b/d from the previous month. Iraq, Nigeria, and Libya boosted production during the month, while Saudi Arabia showed the largest drop.

In related news, members of OPEC had agreed to reduce their oil output to 32.5mb/d from the current production levels of around 33.24mb/d, with global prices of oil jumping by more than 5% in response to the agreement. OPEC had agreed to the outline of a deal that would cut production for the first time in eight years, surprising traders who had expected a continuation of the pump-at-will policy the group adopted in 2014 at the instigation of Saudi Arabia.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password