Nigeria’s crude oil production increases by 70,000 bpd

Nigeria’s crude oil production rose by 70,000 barrels a day in May, according to a Reuters survey released yesterday.

The document showed that the country’s crude oil production averaged 1.42 mbd in May.

This figure is 70,000 bpd higher than average crude oil production in April, which was 1.35 mbd.

The survey indicates that the Organization of the Petroleum Exporting Countries (OPEC) oil production increase in May exceeded the increase expected under a deal with allies for the first time since February.

He said this was due to increased supply from Saudi and Iraq combined with a partial recovery in outage-hit Nigeria.

The survey said: “The 10 OPEC members bound by the deal pumped 24.73mbd in May, up 280,000bpd from April and above the 274,000bpd increase provided for in the agreement.

“The biggest increase in May of 100,000 bpd came from Saudi Arabia.

“The second-largest 70,000 bpd came from Nigeria, whose loading schedules point to increased exports in May, although the main flow of Bonny Light crude remains under force majeure.”

He noted that Kuwait and Iraq provided smaller increases of 40,000 bpd and 30,000 bpd respectively, while the United Arab Emirates added 20,000 bpd.

According to the survey, production has not increased in Congo, Equatorial Guinea and Gabon due to a lack of capacity.

He said: “The biggest drop was in Libya, where supply fell by 70,000 bpd as unrest continued to dampen production in the country.

“Production in Iran has also dropped. Exports have fallen, survey sources say, in part because Iran has shipped less oil to China since the start of the war in Ukraine, with Beijing favoring cheaper Russian crude.

The Reuters survey aims to track market supply.

It is based on shipment data provided by external sources, flow data from Refinitiv Eikon, information from tanker trackers such as Petro-Logistics, as well as information provided by sources within oil companies , OPEC and consultants.

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