Nigeria’s crude oil output rose by 274,000 barrels per day in April – OPEC

Date:

May 13, 2017 Abuja – Crude oil production in Nigeria rose by 274,000 barrels per day in April, the Organisation of Petroleum Exporting Countries, OPEC, said on Thursday.

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The increase, OPEC said, represents the biggest increase among countries within the oil producers’ group.

According to OPEC’s latest Monthly Oil Market Report for May released on Thursday, Nigeria’s output was put at 1.484 million bpd for April, from 1.21 million bpd in March, which was based on direct communication.

Meanwhile, Angola saw its oil output decrease to 1.651 million bpd in April, from 1.652 million bpd in the previous month.

But the country still retained its status as Africa’s top oil producer, after taking over from Nigeria recently.

The report showed that Saudi Arabia, the biggest producer in the group, recorded the second largest increase in April as it produced 9.946 million bpd, after recording a slide from 9.9 million bpd in March.

Kuwait, on its part, saw its production output rise by 10,000 bpd to 2.710 million bpd.

The United Arab Emirates’ production increased by 15,000 bpd to 2.988 million bpd in April.

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

In the report, the oil producers’ group noted that, “Crude oil production declined in the UAE, Libya, Iraq and Iran, but increased in Angola and Saudi Arabia.”

OPEC also 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.

The cartel is billed to meet in Vienna later this month, to discuss possible extension of output cut.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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