Nigeria’s oil production, including condensates, increased to
2.07 million barrels per day (bpd) last month from 2.02 million bpd in March.
It rose by 11 per cent from the level it was in April 2017
acordingto Platts report, citing estimates from the Ministry of Petroleum
Resources.
Since militant violence in the Niger Delta abated in the
second half of last year, Nigeria has gradually ramped up production, but its
oil and condensate output dipped in March, due to what officials attributed to
illegal tapping of pipelines in the oil-producing region.
A spokesman for the oil ministry told Platts that Nigeria
was on track to achieve its oil and condensate production target of 2.3 million
bpd, set as an assumption in its 2018 budget.
Nigeria was initially exempt from the OPEC production cuts
together with Libya because of the violence in the two countries that had
substantially reduced their oil production. At the meeting at which OPEC
extended the pact until the end of 2018, Libya and Nigeria agreed to stick to
an unofficial collective cap of 2.8 million bpd of crude oil production,
reflecting the presumed sustained production capacities of 1 million bpd for
Libya and 1.80 million bpd for Nigeria.
According to OPEC’s secondary sources in the latest Monthly
Oil Market Report, Nigeria’s crude oil production in March was 1.810 million
bpd, up by 18,200 bpd from February.
According to the monthly survey of one of those secondary
sources, S&P Global Platts, Nigerian crude oil production dropped by 40,000
bpd in April compared to March, due to an outage of the Trans Forcados Pipeline
that affected exports of its Forcados grade. Platts sources say that Nigeria’s
crude oil production is likely to drop again in May because the Qua Iboe grade
may be shut in for scheduled maintenance.
The Platts survey found that Nigeria’s crude oil production
dropped to 1.88 million bpd in April from 1.92 million bpd in March.
OPEC will release on Monday, May 14, the next oil market
report with data for April, and the secondary sources is what OPEC uses to
measure compliance to the deal.
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