Nigeria’s rejuvenated oil production supports OPEC output

Increased oil Production in Nigeria, which resulted from shipments from Forcados crude after a force majeure has lifted supply of the Organization of Petroleum Exporting Countries (OPEC).

However, output is still in long-term decline and Nigerian compliance, at 253 per cent is among the largest in OPEC, Reuters survey found.

Nigeria’s crude oil production grew by 50,000 barrels per during the month from 1.41 million barrels a day average in December 2021 to 1.46 million barrels a day in January 2022, from a monthly output target of 1,683,000 bpd.

This was disclosed by Reuters in its oil production survey, with data retrieved from Nigeria’s Agbami and Egina streams.

The report stated that in total, OPEC production increased by 210,000 bpd for the month of January, citing that compliance with OPEC cuts stood at 132 per cent in January versus 127 per cent in December.

Meanwhile, oil production output by the OPEC, experienced drop in January despite concerted efforts to upscale production under a deal with allies.

Reuters survey highlighted that some producers’ struggle to pump more even as prices trade at a seven-year high.

The OPEC, pumped 28.01 million barrels per day (bpd) in January, the survey found, up 210,000 bpd from the previous month but short of the 254,000 bpd increase allowed under the supply deal.

About Blessing Anaro, Lagos, with agency report

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