Tuesday, March 9, 2021

Nigeria’s daily oil production sinks to 1.17 million barrels

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Crude oil production in Nigeria tumbled by 155,000 barrels to a record low in December amid the production cuts by the Organisation of Petroleum Exporting Countries and its allies.

OPEC disclosed this in its report for January, saying a meaningful rise in oil prices would brighten Nigeria’s economic outlook this year.

The report showed that the country’s oil production fell to 1.17 million barrels per day in December 2020, from 1.33 million bpd in November, based on direct communication.

According to secondary sources, total crude oil production by the 13-member OPEC averaged 25.36 million bpd in December, up by 280,000 million bpd in the previous month.