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Nigeria’s crude oil production drops to 1.3mb/d in Q3

Nigeria’s crude oil production drops to 1.3mb/d in Q3

Crude oil production in Nigeria dropped to 1.3 million barrels per day in the third quarter of 2020, according to the Organization of the Petroleum Exporting Countries, OPEC’s, October Monthly Oil Market Report, MOMR.

The data derived from direct sources showed that production dropped to the 1.3 million range from July. The country had produced 1.7 million barrels per day at the beginning of the year. Production dropped to 1.5 million in the second quarter. However, in July, it dropped to 1,353b/d, 1,368b/d in August and then 1,310b/d in September.

Secondary sources, however, said production is in the range of 1.4mb/d in the third quarter. Year 2020 has been a challenging one for oil-producing countries globally as the coronavirus pandemic cut down output and prices. The Brent crude had climbed a little above $40 per barrel upon Joe Biden’s emergence as US president-elect, sold at $43b/d as at 3:10pm West African time, WAT, on Monday from a closing price of $39.60 last week.

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Source: SweetCrudeReports

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