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Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

The international oil benchmark Brent…

Oil Thieves Wreak Havoc On Nigeria’s Oil Industry

Nigeria’s crude oil and condensate production stood at 2.09 million bpd in October, oil ministry data showed on Friday, with output down by some 70,000 bpd compared to September, due to increased sabotage attacks on oil infrastructure by oil thieves.

In September, Nigeria’s crude oil and condensate production was 2.158 million bpd, according to the oil ministry data.

The Nigerian National Petroleum Corporation (NNPC) warned earlier this month that sabotage attacks on oil pipelines were on the rise, while analysts also warn that violence may return in Nigeria’s oil industry ahead of the general elections in February.

Nigerian crude and condensate production is expected to rise to 2.2 million bpd by early next year, thanks to the imminent start-up of the Total-operated Egina oil field, Nigeria’s Oil Minister Emmanuel Kachikwu said in an interview with S&P Global Platts earlier this week.

“Hopefully, that should lift us closer to 2.15 million-2.2 million by the start of next year barring any unforeseen shutdowns,” Kachikwu said, adding that the country’s longer-term production goal is around 2.5 million bpd.

“I think you could see it creep up to 3 million b/d in the next eight to 10 years,” the minister told S&P Global Platts.

Kachikwu expects “relative stability” in Nigeria’s oil sector ahead and during the elections in February.

Following a wave of militant violence in 2016 and early 2017, Nigeria’s oil production started to recover in the latter half of 2017, when attacks on oil infrastructure subsided.

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

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.  

By Tsvetana Paraskova for Oilprice.com

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  • Treborus on December 04 2018 said:
    If you steal, you are a thief. Irrespective of their economic status, these "poor" who stole are thieves. Get a dictionary...
  • Sudo on November 10 2018 said:
    That's rich, calling out the abject poor as thieves without acknowledging the oil companies and politicians reaping the wealth without sparing a dime for the community.

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