A new report released by Organization of the Petroleum Exporting Countries (OPEC) reveals that Nigeria’s oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in the previous month, which confirmed Libya as the biggest producers of oil in Africa.
The decline in production of oil by Nigeria has been stated as the reason for the drop which was majorly felt with 45,000 bpd to 1.35 million bpd in October from about 1.40 million bpd in September, and it is reported that this is the second biggest drop in output in October among its peers in OPEC, after Iraq, based on direct communication.
OPEC said ‘; “Crude oil output increased mainly in Saudi Arabia, Venezuela, the UAE, and Kuwait, while production in Nigeria, Gabon and Equatorial Guinea declined. However, soft demand from Asian refiners for Atlantic Basin crude amid unfavorable west-to-east arbitrage capped the rise. Crude differentials of Bonny Light, Forcados, and Qua Iboe rose firmly on a monthly average in October by 70¢, $1.06, and 75¢, respectively, to stand at premiums of 10¢/b, 27¢/b, and 4¢/b.”