- 3rd September 2021
- Posted by: Hakeem
- Category: Commodities
Nigeria’s crude oil production for the month of August fell by as much as 90,000 barrels a day to a five-year low of 1.43 million a day, despite the Organization of Petroleum Exporting Countries lifting output by 290,000 barrels a day.
This was disclosed in a report by Bloomberg on Thursday, revealing crude oil export data for the month of August.
The report said the group was actually pumping about 10% below its overall quota as some members “notably Angola and Nigeria suffer from deteriorating production capacity and technical disruptions.”
OPEC’s 13 members averaged 27.11 million barrels a day in August, according to the report. Saudi Arabia increased by 200,000 barrels a day to 9.63 million, while Iraq ramped up by 110,000 a day to 4.08 million.
As regards Nigeria, the report said production dropped again in August by 90,000 barrels a day to a five-year low of 1.43 million a day.
OPEC members agreed this week to continue lifting production towards pre-pandemic levels.
What you should know
Nigeria’s crude oil exports fell by a whopping 41.9% year-on-year in the first quarter of 2021. This is according to data contained in the Central Bank of Nigeria’s balance of payment report.
Nairametrics also reported last month that OPEC agreed to increase oil output by an initial 400,000 barrels per day. The decision increases Nigeria’s oil output from about 1.4 million barrels per day to 1.8 million barrels per day by April 2022.