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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
NNPC has pledged to produce 2m b/d of crude oil from 2024, according to the Guardian Nigeria.
- Non-Executive Board Chairman of NNPC Pius Akinyelure made the statement while briefing State House Correspondents.
- “Our commitment is to produce at the rate of two million barrels per day anytime from next year, he said, adding “But to do this, we have to overhaul our security architecture, so that the incidences of stealing, vandalisation of pipelines can be reduced.”
- In January, NNPC’s head Mele Kyari said the country would produce 2.2m b/d of crude by the end of 2023. Yet, Nigeria has averaged just 1.4m b/d in 2023 according to Platts.
- Moreover, its OPEC+ production quota for 2024 has been cut to 1.5m b/d.
- Production has been hampered by underinvestment and theft, with thieves in the Delta region costing Nigeria around 0.4m b/d, according to a government security advisor in August.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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