89 Views

Nigeria Records Biggest Drop In Oil Output

Crude oil production from Nigeria dropped the most in August among its peers in the Organisation of Petroleum Exporting Countries, paring the gain it recorded in the previous month.

Nigeria had in March lost the status of Africa’s top oil producer to Angola when the country’s production dropped to 1.677 million barrels per day, compared to Angola’s 1.782 million bpd.

OPEC’s Monthly Oil Market Report for September, which was released on Monday, showed that Nigeria’s oil output fell to 1.468 million bpd in August from 1.52 million bpd in the previous month, based on direct communication.

Nigeria had in July recorded the biggest increase in output, but it was not enough to help the country regain the top spot from Angola.

According to secondary sources, 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,”
the 14-member oil cartel said in the report.

Angola saw its oil output rise to 1.775 million bpd in August from 1.767 million bpd the previous month, based on direct communication, according to the OPEC report.

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

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.

ALSO READ  Why Nigeria Can Never Be 'Islamized' - Pastor Kumuyi

This year, oil production from Congo is only expected to grow by 50,000 bpd to average 320,000 bpd, while output in other African countries, despite increasing output from Ghana’s production start-up in the Tweneboa, Enyenra, Ntomme project and a production ramp-up in Jubilee field in the second half of the year, will decline or be stagnant, OPEC said.

It 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.

Demand for crude from OPEC will average 32.48 million bpd in 2017, down by 530,000 bpd from the previous forecast, according to the report.

Oil is trading at $47 a barrel, half its level of mid-2014, as a supply glut that OPEC hoped cheap oil would banish sticks around.

“It is expected that there will be higher non-OPEC production in the second half of 2016 compared to the first half,” OPEC said in the report.

The cartel expects non-OPEC supply to rise by 200,000 bpd in 2017, as against a previous forecast of 150,000-bpd decline.

Near-record OPEC output, and higher supply from outside, could make it harder for OPEC and Russia to come up with steps to support the market. Producers are expected to meet in Algeria on the sidelines of the International Energy Forum from September 26 to 28.

An attempt by producers to agree to a production freeze in April failed as Iran, wanting to boost oil exports that had been restrained by Western sanctions, refused to join and Saudi Arabia insisted all producers took part.

Source:  Punch

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

PDP Reportedly Shortlists Five Heavyweight Politicians For 2019 Presidential Elections (See Full List)
Politics
15 views
Politics
15 views

PDP Reportedly Shortlists Five Heavyweight Politicians For 2019 Presidential Elections (See Full List)

MT - January 23, 2018

The Peoples Democratic Party (PDP) is reportedly banking on seven people to challenge the All Progressives Congress (APC) in the presidential contest ahead of the 2019 general…

How Buhari Ordered For My Arrest And That Of My Colleagues In Abuja – Oby Ezekwesili
Politics
18 views
Politics
18 views

How Buhari Ordered For My Arrest And That Of My Colleagues In Abuja – Oby Ezekwesili

MT - January 23, 2018

Co-leader of the Bring Back Our Girls (BBOG) movement, Oby Ezekwesili, has revealed on her Twitter account this Tuesday afternoon that some police officers deployed by the…

What Manchester United Number 7 Jersey Means To Me – Alexis Sanchez
Sports
19 views
Sports
19 views

What Manchester United Number 7 Jersey Means To Me – Alexis Sanchez

MT - January 23, 2018

Manchester United striker, Alexis Sanchez, has revealed what the club number 7 jersey means to him. The Chilean international was handed the iconic number seven shirt on…

Oscars 2018: See The Full List Of Nominees For The 90th Annual Academy Awards
Entertainment
22 views
Entertainment
22 views

Oscars 2018: See The Full List Of Nominees For The 90th Annual Academy Awards

MT - January 23, 2018

  The nomination list for the 90th annual Academy Awards have been released. The Oscars will take place at Los Angeles’ Dolby Theater on March 4, 2018 and…

Here Is The Intriguing Life Of Talented Nigerian Rapper, Ycee
Entertainment
14 views
Entertainment
14 views

Here Is The Intriguing Life Of Talented Nigerian Rapper, Ycee

MT - January 23, 2018

Oludemilade Martin Alejo popularly known by his stage name YCEE, is a Nigerian rapper and songwriter currently signed to Tinny Entertainment. Early Life & Education YCEE was…

Davido Dresses Up Like An Old Man And This Is What He Looks Like
Entertainment
20 views
Entertainment
20 views

Davido Dresses Up Like An Old Man And This Is What He Looks Like

MT - January 23, 2018

Davido shot the video for his first song of the year ‘Flora My Flawa’ yesterday and he had some funny costumes. He’s seen here dressed as an…

These 5 Female Nigerian Celebrities Will Make You Embrace Low Cut
Entertainment
17 views
Entertainment
17 views

These 5 Female Nigerian Celebrities Will Make You Embrace Low Cut

MT - January 23, 2018

Deciding to wear a low cut takes a lot of bravery and commitment and many Nigerian celebrities have taken up this style. Many international celebrities like Teyanna…

A Background Into The Fabulous Life Of Petite Singer, Di’Ja
Entertainment
18 views
Entertainment
18 views

A Background Into The Fabulous Life Of Petite Singer, Di’Ja

MT - January 23, 2018

Hadiza Blell, better known by her stage name Di’Ja, is a Nigerian singer, visual artist and songwriter. She is currently signed to Mavin Records. Early Life &…

President Buhari Reveals How He Will End Herdsmen Killings
Politics
24 views
Politics
24 views

President Buhari Reveals How He Will End Herdsmen Killings

MT - January 23, 2018

President Muhammadu Buhari yesterday assured Nigerians that the rising attacks on communities by herdsmen will soon be brought under control by security forces deployed to the vulnerable…

List Of 16 States Ready To Establish Cattle Colonies For Herdsmen
Politics
32 views
Politics
32 views

List Of 16 States Ready To Establish Cattle Colonies For Herdsmen

MT - January 23, 2018

Sixteen states in the nation have agreed to establish cattle colonies for herdsmen. The establishment of cattle colonies was an idea proposed by the federal government to…

BBOG Convener, Aisha Yesufu, Lists “Why President Buhari Is Corrupt”
Politics
39 views
Politics
39 views

BBOG Convener, Aisha Yesufu, Lists “Why President Buhari Is Corrupt”

MT - January 23, 2018

Convener of the Bring Back Our girls group, BBOG, Aisha Yesufu has listed various ways she believes President Muhammadu Buhari's administration encourages corruption. On Tuesday, Aisha attacked…

Daughter Of The “Dancing Senator”, Adeleke And Davido’s Cousin Wows In New Pics
Politics
41 views
Politics
41 views

Daughter Of The “Dancing Senator”, Adeleke And Davido’s Cousin Wows In New Pics

MT - January 23, 2018

Nike is the beautiful daughter of Senator Ademola Adeleke ''the dancing senator'' who is Davido's uncle. She shared the new photos on the gram. See another below

This Year, I Will Invest In More Valuable Properties Rather Than In Expensive Bags – Danielle Okeke
Entertainment
34 views
Entertainment
34 views

This Year, I Will Invest In More Valuable Properties Rather Than In Expensive Bags – Danielle Okeke

MT - January 23, 2018

Nollywood actress Danielle Okeke says her new dawn in 2018, is to invest in more valuable properties rather than in expensive bags..... Hmmm Hope this aint no shade?…

PHOTOS: Couple Rock In Their Secondary School Uniform For Their Pre Wedding Photo Shot
Inspiring
40 views
Inspiring
40 views

PHOTOS: Couple Rock In Their Secondary School Uniform For Their Pre Wedding Photo Shot

MT - January 23, 2018

Below are beautiful photos of a couple who rocked their secondary school uniform for their photo-shoot, and it’s simply amazing!

Lovely Photos From Peter Okoye’s Daughter, Aliona 5th Birthday Party As Friends Join To Celebrate
Entertainment
46 views
Entertainment
46 views

Lovely Photos From Peter Okoye’s Daughter, Aliona 5th Birthday Party As Friends Join To Celebrate

MT - January 23, 2018

Peter Okoye's daughter, Aliona turned 5 on Monday, January 22, 2018, and she sure did have fun with her friends. The beautiful daughter and second child of…

How Pregnant Young Girls Between Ages Of 8 – 13 Years Are Causing A Scene In Calabar
Shocking
60 views
Shocking
60 views

How Pregnant Young Girls Between Ages Of 8 – 13 Years Are Causing A Scene In Calabar

MT - January 23, 2018

Images of girls between the ages of eight and 13 years with protruding stomachs, noticeably pregnant, are familiar sights in Calabar and other parts of Cross River…

That Mesmerizing Moment Davido Allows Female Fans Touch Him While On Stage (Video)
Entertainment
54 views
Entertainment
54 views

That Mesmerizing Moment Davido Allows Female Fans Touch Him While On Stage (Video)

MT - January 23, 2018

Fans and the way they adore and show love to celebrities when they meet each other… Davido is no stranger to such love and he took it…

Nigerian Women
44 views

OAP Toolz Visits Bakassi IDP Camp In Maiduguri (Video)

PH - January 23, 2018

The boiling Borno State capital, Maiduguri is one of the places in the north east that many dread to visit, especially if they do not have to…

Loading...