Nigeria’s Crude Oil Output Increases In December – OPEC
Crude oil out from oil fields in Nigeria increased by 403,900 barrels per day (BOPD) to 1.940 MBPD in December 2016, compared to 1.536 MBPD in November same year, said the Organization of Petroleum Exporting Countries (OPEC).
The increase was as a result of the Federal Government’s proposal to militant groups in the oil-rich Niger Delta region, for a comprehensive dialogue aimed at resolving all the issues.
Nigeria’s crude oil output dropped to as low as 900,000 bpd by early 2016, due to vandalism and militant’s activities in the region a level that was far below the 2.2 million barrels benchmarked in the budget.
However, the Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, in his 2017 forecast, hoped that Nigeria would achieve 2.1 million barrels per this January.
He said that the damage done to the Forcados export pipeline had affected the country’s oil output negatively but the issue is currently being addressed.
