Nigeria’s crude oil output drops by 120,000bpd in August

Crude oil production from Nigeria saw about seven percent decline last month from 1.783 million (m) barrels per day in July, the Monthly Oil Market Report September 2013 from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

The report, which was released Tuesday, puts Nigeria’s crude oil output for August at 1.663m, based on direct communication.

Total OPEC crude oil production averaged 30.23 mbpd in August, according to secondary sources, down by 124,000 bpd from the previous month. The report also shows that world oil supply averaged 89.94 mbpd in August, a decrease of 0.43 mbpd from the previous month. OPEC crude is estimated to have a 33.6 percent share in global supply, unchanged from the previous month.

Africa’s oil supply is expected to average 2.42 mbpd in 2013, representing an increase of 0.10 mbpd over last year, indicating an upward revision of 25,000bpd compared to the previous MOMR. The upward revision came from South Sudan and Sudan.