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Nigeria increases oil output despite proposed production cuts

Nigeria increases oil output despite proposed production cuts
November 11
18:10 2016

Nigeria, Libya and Iraq have increased their crude oil production output despite the production cut to be finalized by the Organization of Petroleum Exporting Countries (OPEC) on November 30.

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In the monthly report released by the organization, OPEC’s crude oil production climbed to  33.64 mb/d in October.

“OPEC crude oil production in October increased by 0.24 mb/d compared to the previous month to average 33.64 mb/d,” the report read.

“Crude oil output increased the most in Nigeria, Libya and Iraq, while production in Angola showed the largest decline.”

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According to the report, Nigeria’s production increased to 1.62 million barrels per day as against 1.45 million in September.

OPEC said its 14 members produced a total of 33.64 million barrels a day, increasing its September production by 236,000 barrels.

Angola, Saudi Arabia and Venezuela are some of the countries that experienced a fall in crude oil production in September with Angola recording the largest loss.

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The production cut accord is expected to be finalised in Vienna at the 171st ordinary meeting of OPEC conference.

Mohammed Bin Saleh Al-Sada, Qatar’s minister of Energy and Industry, said that ministers thought there was a need to have a production band — in the small range of 32.5 to 33m b/d — in order to give flexibility to the technical team appointed to “dig deeply into the market situation and determine the most appropriate figure within that range.

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