Opeoluwani Akintayo
The Organisation of the Petroleum Exporting Countries, OPEC, reported that the country’s oil output rose from 1.388 million barrels per day, bpd, as at first quarter 2017, to 1.751mbpd in the fourth quarter.
The increased output is owing to the relative peace in the Niger Delta region, Nigeria’s oil production hub.
Nigeria, which has thrice been exempted from the OPEC oil cut, will cap output once its production reaches 1.8 million bpd.
In the second quarter 2017, production rose to 1.485 million bpd, a differential of 97,000 barrels per day from the first quarter production level.
The third quarter witnessed another slight boost from 1.485 million bpd in the second quarter to 1.592 million bpd, an increase of 107,000 barrels per day.
In September, there was a slight drop from 1.592 million bpd to 1.583 million bpd – a drop of 9,000 barrels per day.
Production shot back up in October to 1.6 million bpd, an increase of 17,000 barrels per day.
Then in November, production increased further to 1.751, a boost of 151,000 barrels per day.
