20 September 2017, Sweetcrude, Lagos – Nigeria’s crude oil production increased by over 138,000 barrels per day, bp/d, in August, data obtained from the Organisation of the Petroleum Exporting Countries, OPEC, revealed.
According to the statistics published in the OPEC Oil Market Report for August, the 138,000b/d addition to Nigeria’s production in the month, saw total production rising to 1.861 million b/d from 1.723mb/d in July.
Total crude oil production from the 14 OPEC members averaged 32.76 million barrels per day, mb/d, in August.
While crude oil output increased in Nigeria, production showed declines in Libya, Gabon, Venezuela and Iraq.
SweetcrudeReports’ review showed that Nigeria’s August production of 1.861mb/d, is slightly above the 1.839mb/d recorded in December 2015, with a differential of 22,000b/d.
In 2016, production dropped to between 1.553mb/d and 1.557 million b/d.
In the first quarter of 2017, production further dropped to 1.511mb/d, increasing a little to 1.616mb/d in the second quarter.
In June, production increased to 1.710mb/d from 1.616mb/d in the second quarter.
According to OPEC’s report for August, Nigeria’s Bonny Light which is among OPEC’s reference basket of selected crudes, appreciated in value by 3.2 percent in August.
A 3.2 percent increase in price of Bonny Light pegged Nigerian crude grades at $51.69 per barrel in August from $48.66 per barrel in July.
Meanwhile, going by OPEC’s data showing that the country produced 1.861 mb/d in the month, total production for the entire month was 57.691 million barrels.
OPEC’s record of 1.861 production for Nigeria in August and the country’s export shipping data of 2mb/d for the month leaves a question as to how the country would produce less and export more.
Experts said the 2mb/d exported included condensates, which is not part of OPEC production quota.
Nigeria’s consistent drop in crude oil production has been majorly linked with spates of attacks on its pipeline installations by militants in the Niger Delta region.
The country lost over 130 million barrels of crude oil from January to November 2016 to the activities of 32 militant groups in the Niger Delta region, according to Vice-Chairman of the Security Subcommittee of the Oil Producers Trade Section, OPTS, of the Lagos Chamber of Commerce and Industry, LCCI, Mr. Shina Bankole.
The country’s production fell by 156,900 b/d to 1.269 million bpd in March, from 1.426mbpd recorded in February.
Consequently, the country lost its status as Africa’s top oil producer to Angola, according to OPEC.
