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Nigeria records a considerable drop in oil production

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A new report published by the Organisation of Petroleum Exporting Countries showed on Wednesday that crude oil production in Nigeria has dropped considerably by 38,000 barrels in the month of July to 1.37 million barrels.

In its report, it says the total crude oil production by its 13/members averaged 23.17 million bpd in July 2020, which is said to be higher by 0.98 million bpd month on month.

OPEC and OPEC+, made an agreement back in April cut output to curb the fall in demand and price caused by the Covid19 pandemic.
It was decided by OPEC members to cut supply by 9.7 million bpd for the month of may and June but the agreement was extended by a month.

Based on the agreement made in April, Nigeria was expected to fix it crude oil production to 1.41 million bpd in May and June but Nigeria over produced during that period.

OPEC, also on Wednesday published its latest oil forecast, revising its earlier projection of global oil demand by 100,000 bpd for 2020 and 2021.

The OPEC+ has reviewed it oil cuts from 9.7 million bpd to 7.7 million bpd from January 2021 to April 2011.

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Abudulrasheed Mubarak is a freelance content creator. He starting his writing career in 2011. He is a graduate of Auchi Polytechnic, Auchi in Urban and Regional Planning.

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