By Sebastine OBASI
There are indications that crude oil production may have decreased as Nigeria’s rig count for the month of December 2017 showed a slight fall to 28 as against 29 recorded in the month of November, data from the Organisation of Petroleum Exporting Countries, OPEC, showed.
This is coming at a time Venezuela; another OPEC member posted an increased rig count of 10, as it recorded 92 in December, as against 82 in the previous month.
The 14 OPEC members recorded a total of 550 rig counts last December as against 548 recorded the previous month.
Iraq was second to Venezuela in terms of increase in rig count.
It recorded an increase of three, having had 54 in December, as against 51 recorded in November.
Leading the OPEC loss pack was Algeria, which had minus five, having recorded 50 as against 55 during the period under review.
It was followed by Saudi Arabia, which…
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