TNP fire reduces daily crude oil production by 50,000 barrels 

crude oil

 

Oil production in Nigeria went down by 50,000 barrels a day to an average of 1.5 million per day, in line with its quota.

Also, loading of the country’s Bonny Light crude grade faced delays following a fire at the Trans-Niger Pipeline.

This is as the Organization of Petroleum Exporting Countries (OPEC) reduced crude oil production last month, with curbs in Nigeria and Iraq, before the group proceeds with long-delayed plans to revive halted output.

The Organization lowered output by 110,000 barrels a day to 27.43 million per day, according to a Bloomberg survey.

The cartel’s leaders have urged members to remain committed to existing production quotas, which several countries continue to flout.

Led by Saudi Arabia and Russia, the OPEC+ alliance this month plans to start gradually restoring production that was idled for several years in a bid to shore up oil prices.

The shift came after President Donald Trump called on OPEC to “cut the price of oil” and, some delegates said, as the group’s leaders had grown impatient with members such as Kazakhstan persistently over-producing.

Iraq made the next-biggest cutback, curbing by 40,000 barrels a day to 4.15 million per day and moving slightly closer to its own agreed ceiling.