• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 29 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
Standard Chartered Sees Oversupplied Gas Markets, Tightening Oil

Standard Chartered Sees Oversupplied Gas Markets, Tightening Oil

Whereas physical traders appear increasingly…

Nigeria Says Oil Production Rebounded In April

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.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News