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Nigeria’s Oil Production Increases By 274,000bpd In April

Nigeria’s Oil Production Increases By 274,000bpd In April

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Nigeria’s crude oil production rose by 274,000 barrels per day in April, the biggest increase it has witnessed among its peers in the Organisation of Petroleum Exporting Countries (OPEC).

However, the increase was not enough to help the country dislodge Angola as Africa’s top oil producer, a status the continent’s most populous nation lost in recent months.

While revealing its Monthly Oil Market Report for May on Thursday, OPEC placed Nigeria’s output at 1.484 million bpd for April, from 1.21 million bpd in the previous month, which was based on direct communication.

While Angola saw its oil output decrease slightly to 1.651 million bpd in April, from 1.652 million bpd in the previous month, the OPEC report added.

Saudi Arabia, the biggest producer in the group, recorded the second largest increase in April as it produced 9.946 million bpd, down from 9.9 million bpd in March.

The United Arab Emirates’ production increased by 15,000 bpd to 2.988 million bpd in April, while Kuwait’s rose by 10,000 bpd to 2.710 million bpd.

In summary, OPEC crude oil production decreased by 18,000 bpd, from the previous month to average 31.73 million bpd in April, according to secondary sources.

“Crude oil production declined in the UAE, Libya, Iraq and Iran, but increased in Angola and Saudi Arabia,” OPEC said in the report.

The 13-member cartel increased its forecast for oil supply growth from non-members in 2017 but kept its outlook for global crude demand unchanged at 96.4 million bpd.

OPEC’s revision is largely based on higher production in the United States, where producers who rely on expensive advanced drilling methods have become more profitable as prices rise.

The publication from OPEC was released at a time when the country’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, reiterated that oil companies in the country will start refining crude.

It would be recalled, Kachikwu had in February stated that Nigeria will stop importing refined petroleum products by 2019.

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