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    Nigeria’s Crude oil production plunged 1.37 million bpd in October – Report

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Nigeria’s crude oil production dropped to 1.37 million barrels per day last month from 1.39 million bpd, a survey by Platts showed on Monday.

    The country’s oil production in October was 261,000 bpd below the quota given to it by the Organization of the Petroleum Exporting Countries and its allies, according to the survey.

    According to the Platts report, Nigeria’s oil output continues to be hamstrung by operational setbacks, with key pipelines facing persistent sabotage.

    It noted that Bonny Light, Escravos and Forcados had all faced production issues in 2021, while output of other key grades such as Qua Iboe, Brass River, Agbami, Akpo and Egina had also remained consistently low this year

    OPEC and its allies, called OPEC+, boosted crude oil production by 480,000 bpd in October, according to the latest S&P Global Platts survey, but only half of the group’s members actually increased output last month as many in the coalition were struggling to pump as many barrels as they had promised.

    OPEC’s 13 countries pumped 27.55 million bpd, up 260,000 bpd from September, while Russia and eight other partners added 13.66 million bpd, up 220,000 bpd.

    The monthly rise was attributed mainly to the group’s largest oil producers Saudi Arabia, Russia, the UAE and Kuwait, which still have ample spare output capacity, as well as Kazakhstan, which completed heavy maintenance on a key field. But sanctions-hit Venezuela also saw a sharp rebound in its output, the survey found, surprising some market watchers.

    Saudi Arabia saw the biggest increase month on month, adding 130,000 bpd, as the world’s largest crude exporter significantly boosted its loadings.

    The kingdom pumped 9.79 million bpd in October, the highest level since April 2020 amid burgeoning demand for its crude, with state-run Saudi Aramco allocating full-term crude volumes to most Asia-Pacific refiners in October and November.

    Meanwhile, the OPEC+ group’s largest producer, Russia, also saw a steady rise in output, pumping 9.96 million bpd last month. This is also Russia’s highest production since the price war of April 2020, and well above its quota of 9.81 million bpd.

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