Data obtained from the Organization of the Petroleum Exporting Countries (OPEC) has shown that Nigeria’s oil production for August rose to 1.1 million barrels per day from 1 million b/d in July.
Oil price climbed to $92.28 per barrel early Wednesday, but Nigeria would not be maximising the rise as it continues to produce below its Organisation of the Petroleum Exporting Countries’ quota.
Brent Crude was sold for $91 on Tuesday, but rose on the back of renewed pledge by Saudi Arabia and Russia to further cut their output by 1.3 million barrels until the end of the year.
The Nigerian Upstream Petroleum Regulatory Commission also recently put the country’s production for August at 1.4mb/d, including condensate of 400,000b/d.
Although the country’s oil reserves are estimated at 38bb/d, it has been unable to increase its daily oil production due to crude oil theft.
The Nigerian National Petroleum Company Limited has, in the past few months, reported weekly crude oil theft…