Nigeria’s oil production increases by 274,000bpd

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Crude oil production in Nigeria rose by 274,000 barrels per day last month, the biggest increase among its peers in the Organisation of Petroleum Exporting Countries.

But the increase was not enough to help the country regain the status of Africa’s top oil producer from Angola, which it lost in recent months.

OPEC, in its Monthly Oil Market Report for May released on Thursday, put Nigeria’s output at 1.484 million bpd for April, from 1.21 million bpd in the previous month, which was based on direct communication.

Angola saw its oil output decrease slightly to 1.651 million bpd in April, from 1.652 million bpd in the previous month, according to the OPEC report.

Saudi Arabia, the biggest producer in the group, recorded the second largest increase in April as it produced 9.946 million bpd, down from 9.9 million bpd in March.

The United Arab Emirates’ production increased by 15,000 bpd to 2.988 million bpd in April, while Kuwait’s rose by 10,000 bpd to 2.710 million bpd.

OPEC crude oil production decreased by 18,000 bpd, from the previous month to average 31.73 million bpd in April, according to secondary sources.

“Crude oil production declined in the UAE, Libya, Iraq and Iran, but increased in Angola and Saudi Arabia,” the 13-member cartel said in the report.

The producer group raised its forecast for oil supply growth from non-members in 2017 but kept its outlook for global crude demand unchanged at 96.4 million bpd.

OPEC’s revision is largely based on higher production in the United States, where producers who rely on expensive advanced drilling methods have become more profitable as prices rise.Punch

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