Nigeria’s crude oil production has witnessed a consistent downward trend for the past eight months. Data from
the Organization of the Petroleum Exporting Countries, OPEC’s, newly released market report for September shows reduced outputs country, from 1.7mb/d recorded last December to 1.2mb/d in August. Aside from OPEC cuts that allows the country a ceiling of 1.5mb/d for August, SweetcrudeReports learnt that output had fallen sharply in the past few weeks due to an oil spill near the key Forcados export terminal. A report by S&P Global Platts reported last Wednesday, said the country’s production slid to 1.24 million barrels per day last month as a result of lingering disruptions. With a production ceiling of 1.5mb/d from OPEC for August, and an actual output of 1.2mb/d below the quota, Nigeria’s loss of 85tb/d between July and August, leaves the country with a significant revenue loss.
International Brent had risen to an all high of $77 per barrel in August, having slid back to $73/b as at 2:43PM Nigerian time on Monday.
Source: https://sweetcrudereports.com/nigerias-crude-production-keeps-going-down/