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NIGERIA: Crude Oil Production Declines

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Nigeria’s Petroleum Productions which remain at 1.664 million barrel per day last year in November, it also stood at 1.570 million barrel per day in December 2019 has now moved downwards to drop at 95,000 barrel per day.

As the market price of Bonny Light Crude Oil increases to $65.31 per barrel in the International Market, Nigeria’s crude oil production has decreased to 95,000 barrels per day in 2019.

The decrement in Nigeria crude oil production has imperiled the Federal Government budget 2020 revenue projection which was proclaimed on crude oil production of 2.18 barrels per day.

The Organization of Petroleum Exporting Countries (OPEC) recently has disclosed that oil production with an average of 29.44 million bpd in last year December has reduced to 161,000 bpd from then till now.

Organization of Petroleum Exporting Countries (OPEC) added that crude oil production output has only moved up in Angola while Countries like Iraq, United Arab Emirates, and Saudi Arabia experienced lower petroleum production output.

However, Bonny Light Crude Oil market price was placed at $65.31 per barrel yesterday and the price increase added was 0.58 cent in the oil market, Brent Crude was traded at $64.13 per barrel and West Texas Intermediate WTI was at $57.92 per barrel in the international market.

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