19 July 2017
Sweetcrude, Lagos – Shipping data seen by SweetcrudeReports has shown that Nigeria’s crude oil exports for August has been pegged at 2 million barrels per day, mb/d.
As at June, the country’s export was 1.6 million barrels per day.
Nigeria’s oil export has been rising as a result of ceasefire from oil militants in the Niger Delta. Since the ceasefire, major oil export pipelines have resumed operation. The Trans Forcados pipeline alone exports 250,000 barrels of crude oil per day.
According to recent report, OPEC’s oil output rose by 280,000 barrels per day to a 2017 high in June, and Nigeria and Libya are to blame for the rise.
Data shows high compliance with the OPEC production cut by Saudi Arabia and Kuwait who have helped to keep compliance at 92 percent in June as against 95 percent in May.
Growing production from Nigeria and Libya, have become a nagging issue at the international market, and analysts say the two countries could be forced to join the OPEC cut aimed at stopping the glut in the market and boost prices.
“The rise in OPEC production will further delay the point at which balance is restored on the oil market,” analyst at Commerzbank in Frankfurt, Carsten Fritsch told Reuters on Monday.
OPEC, Russia and non-OPEC pledged to reduce output by about 1.2 million bpd for six months, starting from last January 1.
Since the cut started, oil prices have boosted but, rising production from the US shale producers, has threatened prices.