The Organization of Petroleum Exporting. Countries (OPEC) has revealed that crude oil output increased in Nigeria within the month of February while production in Saudi Arabia, Iraq, UAE and Angola showed the largest declines.
The organization in its February Monthly Oil Market Report (MOMR), said crude oil production among OPEC members decreased by 0.14 million barrels per day (b/d) from 32 million b/d in January to average 31.96 million b/d in February.
According to the report, oil production in Nigeria rose from 1.550 million b/d in January to 1.608 million b/d in February.
The production increase inched Nigeria closer to Angola which still remains Africa’s largest oil producer, despite recording a drop in output.
Angola pumped 1.659 million b/d in January higher than 1.641 million b/d last month, the report also showed.
Recently, OPEC revealed that Nigeria, Angola and other members lost revenue of about $1tn as a result of the crash in crude oil prices.
Comments