• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 1 hour One Last Warning For The U.S. Shale Patch
  • 8 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 5 hours Chile Tests Floating Solar Farm
  • 15 hours Poll: Will Renewables Save the World?
  • 15 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 15 hours New Rebate For EVs in Canada
  • 6 hours Trump Tariffs On China Working
  • 9 hours Trump sells out his base to please Wallstreet and Oil industry
  • 6 hours Biomass, Ethanol No Longer Green
  • 1 day Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 24 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 18 hours The Political Debacle: Brexit delayed
  • 13 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 9 hours Read: OPEC THREATENED TO KILL US SHALE
Global Intelligence Report – 20th March 2019

Global Intelligence Report – 20th March 2019

The power balance in conflict…

OPEC Sets Oil Market Up For A Bullish Spring

OPEC Sets Oil Market Up For A Bullish Spring

OPEC production cuts continue to…

Nigeria’s Economy To Grow Faster Due To Fewer Oil Disruptions

Nigeria oil

Nigeria’s economy is expected to grow by 1.9 percent this year, accelerating the growth pace from 0.8 percent last year, thanks to fewer disruptions to its oil production and exports, Amine Mati, Mission Chief and Senior Resident Representative for Nigeria of the IMF, said on Thursday.

Some recovery in Nigeria’s non-oil economy is also expected to contribute to growth, Mati said presenting a report in Abuja about the regional economic outlook on Sub-Saharan Africa.

Nigeria’s economy was badly hurt by the slump in oil prices and the oil industry downturn, as its major export commodity was fetching lower revenues for the state due to the low oil prices. The situation was aggravated by a wave of militant violence in 2016 and early 2017 when disruptions to oil production and oil infrastructure were frequent events in the African OPEC member.

Oil production started to recover in the latter half of 2017, when attacks on oil infrastructure subsided, and led to Nigeria starting to post economic growth after the recession during the oil price crash.

This year, after some hiccups and pipeline outages during the spring and early summer, Nigeria’s crude oil production has been steadily rising.

In May, Nigeria’s production and exports were disrupted by outages of oil flows on pipelines feeding oil export terminals, as well as delays in cargo loadings. In June, there were disruptions to Bonny Light, Forcados, and Qua Iboe flows—all of which are key Nigerian crude grades.

Crude oil production jumped by 74,000 bpd from its July level to average 1.722 million bpd in August, according to OPEC’s secondary sources. In September, Nigeria further boosted its crude oil production, by 26,000 bpd to 1.748 million bpd.  

According to loading programs seen by Reuters, Nigeria’s oil exports are expected to hit their highest level in six months in November, at 1.876 million bpd this month, up from 1.652 million bpd in October, thanks to higher supply from the four key Nigerian grades, Forcados, Bonga, Bonny Light, and Qua Iboe.

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