Independent estimates have it that Nigeria exported crude oil at 1.95 million barrels per day in October, indicating an uptick of 80, 000 barrels per day from September figures.
According to Platts Energy group which collates production figures of members of the Organization of Petroleum Exporting Countries (OPEC) from various sources including shipping and terminal operators, the October figure would be the highest since second half of the year.
However, Nigeria’s production increase could not erase deficits from other members of OPEC, forcing the exporters group to record production average of 31.08 million barrels per day in the month or 120, 000 barrels per day lower than the 31.2 million barrels per day (mbd) it posted previous September.
Nigeria’s output took an elevation in September at 1.87 mbd after maintaining a plateau of 1.85 mbd in July and August respectively.
Nigeria is the second country that recorded production increase in the month among OPEC members. Libya recorded 50, 000 b/d in the month to raise its production from 0.37 mbd in September to 0.42 mbd in October.
Seven OPEC members maintained production at September levels. Algeria has maintained its output at 1.11 mbd since July; Ecuador also kept production steady at 0.54 mbd in the past four months; while Iran kept output at September level of 2.88 mbd after moving up 10, 000 b/d from plateau of 2.87 mbd in July and August respectively.
Kuwait maintained a four month plateau of 2.75 mbd; and Qatar which lost 10,000 b/d in August remained at 0.66 mbd since then.
OPEC’s lead producer, Saudi Arabia, led the three countries that shed output volumes in the period.
Saudi output came down by 160, 000 barrels per day to level at 10.1 mbd, showing a steady decline from 10.45 mbd since the second half of the year. Iraq which is still battle shaken lost 70, 000 barrels per day in the month to post 3.65 mbd, while Angola shed 20, 000 barrels per day from a second quarter plateau to maintain a figure of 1.78 mbd.