By John Ikani
Latest report from the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s crude oil production fell by 6.68 percent to 1.239mbpd in the month of August, from 1.323mbpd in July.
The daily oil production figure excludes condensate which Nigeria is not under obligation to report to OPEC, just as the OPEC quota does not include the condensate.
According to the Monthly Oil Market Report published yesterday by OPEC, member countries produced 26.76mbpd in August.
It added that “preliminary data indicates that global liquids production in August decreased by 0.03 mb/d to average 95.69 mb/d compared with the previous month.’’
Recall that the Minister of State Petroleum Resources, Chief Timipre Sylva, had in July this year disclosed that Nigeria’s OPEC oil production quota had risen to 1.554mbpd excluding condensate.
The quota was raised further by 38,000bpd at the last August meeting where OPEC, alongside its allies led by Russia, agreed to raise the global oil supply.