Despite higher crude prices and allocation, as the Organisation of Petroleum Exporting Countries (OPEC) and its allies adjust monthly quota, Nigeria’s oil production remains below its monthly quota, according to the latest S&P Global Platts survey.
According to the survey, Nigeria dropped to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ quota, due to operational setbacks and sabotage from key pipelines.
The shortfalls from Nigeria and others have contributed to a tight oil market as global demand has recovered to near pre-pandemic levels, prompting intense criticism from the US and other consuming countries that have complained of high oil prices.
The Guardian had earlier reported that Nigeria’s production challenges appear unabated, as frequent pipeline sabotage is expected to see the country’s average crude loss surpass 200,000 barrels a day.
Platts survey showed that Bonny Light, Escravos and Forcados have all faced production issues in 2021, while…
Source: Guardian Newspaper