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Thursday, April 25, 2024

Nigeria oil production fell to 1.77 mbpd in April – OPEC

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Nigeria’s oil production fell by 68,000 barrels per day (bpd), to 1.77 million bpd in the month of April according to the latest monthly data from the Organization of Petroleum Exporting Countries or OPEC.

This was down from 1.844 mbpd in March and 1.788 mbpd in February the data showed.

According to secondary sources, total OPEC-13 preliminary crude oil production averaged 30.41 mb/d in April, higher by 1.80 mb/d month on month.

Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production decreased primarily in Angola, Nigeria, IR Iran and Iraq.

In addition to the agreed production adjustments that should take effect as of 1 May 2020, on 12 May, Saudi Arabia, the UAE and Kuwait announced that they would voluntarily deepen oil output adjustments from June, by 1 mb/d, 100 tb/d and 80 tb/d, respectively, in an effort to expedite draining a global supply glut and rebalancing the oil market.

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