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Nigeria Crude Output Down 12.6% MoM In July

OIL

Crude oil production in Nigeria fell 12.56% in July to 1.29m b/d, compared to 1.48m b/d in June, according to the Nigerian Upstream Petroleum Regulatory Commission

  • The agency attributed the decline to the shutdown of the Forcados terminal, with loadings suspended by almost a month due to leaks. Shipments in July were originally scheduled at 220k b/d.
  • The Upstream Petroleum Regulatory Commission warned earlier that Nigeria’s crude output is 1m b/d below capacity due to under investment, scarce funding sources for fossil fuel projects, and insecurity. Nigeria is looking to remedy this by launching a roadshow to market upstream investments.
  • According to a senior Petroleum Ministry official, Nigeria wants to raise oil production to 1.7m b/d by November.
  • The latest Platts survey put Nigerian crude oil output at 1.32m b/d in July, compared with 1.42 m/b in June. The country’s OPEC quota is 1.742 m/d.
Energy BulletsCommodities
Energy BulletsCommodities

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