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According to the latest data, Nigeria continues to face severe production falls in its oil. The output slumped to a 17-month low in June affecting its shipments of the Forcados and Qua Iboe crude.
According to the latest data, Nigeria continues to face severe production falls in its oil output. The output slumped to a 17-month low in June affecting its shipments of the Forcados and Qua Iboe crude.
Meanwhile, the Organisation of Petroleum Exporting Countries(OPEC+) also recorded below the target output in June. Nigeria was also one of the main drivers of lower production of all the 13 OPEC members in June. Outages in Libya and Nigeria contributed to the fall in OPEC’s crude oil in June compared to May. The OPEC+ pact lifted their combined production by just 20,000 bpd last month, according to official sources.
Saudi Arabia and Iraq, the largest and second-largest producers, of the OPEC group raised their output, while Russia, the largest non-OPEC producer and part of the OPEC+ pact, saw its production rebounce in June and rise by 550,000 BPD compared to May.
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https://trendsnafrica.com/
