• 1 hour Why Alberta Will Win The War Over Trans Mountain
  • 29 mins How Lousy Shale Oil Economics Will Pull Down The U.S. Economy
  • 4 hours Elon Musk Goes Full Conspiracy Theorist, Blames Big Oil for Tesla's Negative Media Coverage
  • 16 hours Russia attacks (again):Cyber Firms Warn On Suspected Russian Plan To Attack Ukraine
  • 17 hours Hamburg Becomes First German City To Ban Diesel Vehicles
  • 6 hours Psychological manipulation of oil prices.
  • 6 hours Clean Energy Tech FAILURE says IEA
  • 17 hours Euro Zone Economy Slowdown Sharper Than Expected In May
  • 7 hours $5 per gallon in Manhattan
  • 25 mins How Much Oil Could EVs Feasibly Displace by 2040?
  • 41 mins Water-Based Battery Claims Exceptional Scalability
  • 19 hours API Inventory Data (Tuesdays)
  • 18 hours Trump Oil
  • 14 hours Saudi Arabia Ready to Start Pumping More Oil
  • 4 mins Saudi Aramco IPO Seems Unlikely
  • 13 hours Trade war with China on hold
EVs Could Erase 7 Million Bpd In Demand

EVs Could Erase 7 Million Bpd In Demand

Electric vehicle domination might still…

Nigeria Says Oil Production Rebounded In April

Niger Delta oil pipeline

Nigeria’s oil production, including condensates, increased to 2.07 million bpd in April from 2.02 million bpd in March, and rose by 11 percent from April 2017, Platts reported on Thursday, citing estimates by Nigeria’s oil ministry.

Since militant violence in the Niger Delta abated in the second half of last year, Nigeria has gradually ramped up production, but its oil and condensate output dipped in March, due to what officials attributed to illegal tapping of pipelines in the oil-producing region.

A spokesman for the oil ministry told Platts that Nigeria was on track to achieve its oil and condensate production target of 2.3 million bpd, set as an assumption in its 2018 budget.

Nigeria was initially exempt from the OPEC production cuts together with Libya because of the violence in the two countries that had substantially reduced their oil production. At the meeting at which OPEC extended the pact until the end of 2018, Libya and Nigeria agreed to stick to an unofficial collective cap of 2.8 million bpd of crude oil production, reflecting the presumed sustained production capacities of 1 million bpd for Libya and 1.80 million bpd for Nigeria.

According to OPEC’s secondary sources in the latest Monthly Oil Market Report, Nigeria’s crude oil production in March was 1.810 million bpd, up by 18,200 bpd from February.

Related: The Demise Of Petrocaribe

According to the monthly survey of one of those secondary sources, S&P Global Platts, Nigerian crude oil production dropped by 40,000 bpd in April compared to March, due to an outage of the Trans Forcados Pipeline that affected exports of its Forcados grade. Platts sources say that Nigeria’s crude oil production is likely to drop again in May because the Qua Iboe grade may be shut in for scheduled maintenance.

The Platts survey found that Nigeria’s crude oil production dropped to 1.88 million bpd in April from 1.92 million bpd in March.

OPEC will release on Monday, May 14, the next oil market report with data for April, and the secondary sources is what OPEC uses to measure compliance to the deal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News