OPEC: Nigeria’s oil output still at 1.55m barrels

OPEC: Nigeria’s oil output still at 1.55m barrels

OPEC: Nigeria’s oil output still at 1.55m barrels

The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria oil production is yet to climb to two million barrels per day.

Earlier, Ibe Kachikwu, minister of state for petroleum resources, had said Nigeria was now producing oil  at about two million barrels  per day, while Maikanti Baru, the group managing director  of the Nigerian National Petroleum Corporation (NNPC) said the country had progressed to 2.1 million barrels per day.

Speaking at the 2017 Nigeria oil and gas conference and exhibition, Baru said the ongoing negotiations with stakeholders in the Niger Delta is responsible for the surge.

“Crude production has steadily increased to 2.1m b/d due to some strategic dialogue efforts embarked upon by the federal government in the Niger Delta,” Baru had said.

On the flipside however, OPEC, via its monthly oil market report released on Wednesday evening, said Nigeria was still producing at an average 1.545 million barrels per day, according to secondary sources.

Based on direct communications with Nigeria, OPEC said the country’s production levels were still around 1.269 million barrels per day.

OPEC however adds that the Nigerian economy was on a path to recovery, quoting an increase in the country’s  managers index.

“Positive momentum continued in the country’s private sector as suggested by Stanbic IBTC Bank Nigeria PMI,” OPEC said in its monthly report.

“The index reached its 15-month high of 53.0 in March due to strong growth in output and new business. This has encouraged more firms’ purchases to reach their highest since December 2015.”

Source @thecableng
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