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


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.

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.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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