03 June 2016, Abuja – Nigeria’s crude oil production has climbed to 1.6 million barrels per day (mbpd), following repairs on some of the oil and gas installations damaged by militant groups in the Niger Delta, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed.
Nigeria’s oil output rises to 1.6mbpd – Kachikwu
According to reports from Reuters and Bloomberg, Kachikwu said in Vienna, Austria, where oil ministers of the Organisation of Petroleum Exporting Countries (OPEC) unanimously appointed the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Mohammed Barkindo, as the cartel’s Secretary-General, that the country’s production had rebounded to this level after it fell to about 1.4mbpd in May due to a string of militant attacks and an accident on the ExxonMobil Qua Iboe export platform.
He also said despite continued attacks by militants in the restive Niger Delta, Nigeria was still on target to produce 2.3mbpd in 2016.
His disclosure also followed reports that OPEC, which appointed Barkindo, has again failed to agree on production cuts or freeze to shore up crude oil prices in the international market as disagreements between two Middle East rivals, Saudi Arabia and Iran, resurfaced.
– This Day