Nigeria’s Oil Output Drops To 1.3 million bpd – OPEC

Nigeria’s Oil Output Drops To 1.3 million bpd – OPEC

 

The Organisation of Petroleum Exporting Countries, OPEC, Wednesday, put Nigeria’s oil output at 1.3 million barrels per day, mb/d.

The organisation, which disclosed this in its July Oil Market Report disclosed that the output was based on data collected from what it referred to as ‘direct communication’, adding that the country’s output remained at 1.4 mb/d when based on ‘secondary sources’.

The report, which showed that Nigeria has fully complied to the output restriction order of the organisation, also showed that at the current $42.06 price of the nation’s Bonny Light, it might be impossible for the nation to fund its 2020 budget, earlier benchmarked on $28 per barrel, especially because of the high cost of production that has been estimated at $28 per barrel.

However, the report also showed that the nation did not do well in terms of oil exploration and production, as its rig count, a major indicator for measuring performance, dropped from nine recorded in June to six in July 2020.

It was gathered that operations, including exploration and production were slowed down mainly because of the negative impact of the prolonged coronavirus pandemic in the country.

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