Tuesday, January 31, 2023
Home World Nigerian oil production rises to 8-month high of 1.35m b/d

Nigerian oil production rises to 8-month high of 1.35m b/d

OPEC’s crude output edged higher last month as Nigeria partially reversed a long-term slump with recent cracking down on oil theft.

The Organization of Petroleum Exporting Countries (OPEC) boosted supplies by 150,000 barrels a day, with Nigeria effectively providing the entire gain, according to a Bloomberg survey.

Total group output was 29.14 million barrels a day.

Nigeria has revived crude production from record lows by hiring security companies linked to Government Ekpemupolo, a onetime warlord in the oil-producing Niger River delta region. The Nigerian National Petroleum Company (NNPC) Limited said it would build on the progress, But even with December’s gains, which have bolstered Nigerian production to 1.35 million barrels a day, the country’s output is still barely half the level pumped a decade ago. 

Elsewhere in the organization, producers were sticking to the production curbs agreed late last year to keep global markets in balance. Key members Saudi Arabia, the United Arab Emirates and Iraq kept supplies roughly unchanged, with the Saudis pumping 10.48 million barrels a day.

OPEC and its allies, a 23-nation bloc known as OPEC+, agreed to collectively reduce supplies by 2 million barrels a day from November, and then hold steady for the rest of this year. 

While the decision initially drew a fierce rebuke from the White House, it appears to have helped stabilize world markets against fears of recession in the US and a shaky economic reopening in China. Oil futures traded near $83 a barrel in London on Tuesday.

Outside of OPEC’s Middle East giants, other members are, like Nigeria, struggling with under-investment and operational

disruptions. Fellow African exporter Angola is showing particular signs of strain. As a result, the 10 OPEC nations bound by quotas are pumping about 650,000 barrels a day below their collective target.

Supplies from the wider OPEC+ coalition are set to come under pressure after further European Union sanctions came into force last month on member nation Russia, as punishment for its invasion of Ukraine. 

A panel of ministers from the OPEC+ coalition will hold a monitoring meeting to review production policy on February 1, 2023.

RELATED ARTICLES

Fuel scarcity: Oil workers threaten action, want fuel available at approved price

The union in a statement, urged the NMDPRA to compel all marketers and retailers to make the products available at approved price. 

Friesland Campina reconnects to Ikeja Electric after 22 years 

According to the Acting Head of Corporate Communications Ikeja Electric, Kingsley Okotie, the reconnection of Friesland Campina back to the grid was achieved through relentless effort of the Business Optimization team of Ikeja Electric.  

Old Naira exchange: 10 days inadequate to make up CBN’s shortcomings- Expert

Economic analyst, Muda Yusuf, has said that 10 days extension to swap old Naira notes by the Central...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Transcorp Power adds 138MW to national grid, commissions rehabilitated GT Unit 20

Chief Executive Officer, Transafam Power Limited, Engr. Vincent Ozoude, expressed delight about the newly rehabilitated unit, which is able to power up to 100,000 homes in a year. 

Fuel scarcity: Oil workers threaten action, want fuel available at approved price

The union in a statement, urged the NMDPRA to compel all marketers and retailers to make the products available at approved price. 

Friesland Campina reconnects to Ikeja Electric after 22 years 

According to the Acting Head of Corporate Communications Ikeja Electric, Kingsley Okotie, the reconnection of Friesland Campina back to the grid was achieved through relentless effort of the Business Optimization team of Ikeja Electric.  

Egbin Power, Sahara Foundation upgrade Ijede Police station

The project, according to a statement, is in keeping with Egbin Power’s commitment to enhancing infrastructure development, socio-economic growth, and effective policing to promote safety and security in the company’s host communities.

Recent Comments