October oil production dips to 1.525mbpd

CRUDE oil production dipped from 1,532,989 barrels per day (bpd) in September, 2021 to 1,525,263b/d in October, 2021, The Nation learnt yesterday.

The production fell by 7,726 bpd, representing 0.50 per cent decline in the period under review.

This was contained in a document entitled: “Crude oil and condensate production 2021,” which The Nation stumbled on at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.

According to the report, of the total 1,525,263b/d that was produced in October, 1,227,748b/d was crude oil, 85,510b/d was blended condensate while 212,005b/d was from unblended condensate.

The document recalled that Nigeria had in August produced 1,530,210b/d; in July it produced 1,639,665b/d and 1,639,403b/d in June.

It also indicated that Nigeria produced 1,659,293b/d in May; 1,687,044b/d in April and 1,748,474b/d in March.

The document said in February the country produced 1,760,934b/d and 1,711,467b/d.

It reflected majorly a marginal steady decline from one month to the other, so far in the year.

The productions were carried out in the following terminals: Bonny; Brass; Qua Iboe; Forcados; Escravos old terminal; Odudu (Amennam blend); Tulia-Okwuibome and Aje.

The were also carried out in Okoro, Asaramatatoru, Otapikpo, Anthan; Okono, Yoho, Okwori, Ebok, Ajapa, Anambra Basin, Bonga, Erha; Usan, Egina, Oyo; Abo; Pennington, Ukpokiti, Ugo Ocha (Jones Creek), Sea Eagle (EA), Anyala Madu; Agbami, Akpo Ima, Ajakpa, and Tulja-Okwuibome.

According to the Nigerian National Petroleum Corporation (NNPC), the Brent crude yesterday gained $0.69 to hit $86.23/barrel. It was 0.81 per cent rise, said the corporation.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) and its partners yesterday snubbed United States President Joe Biden, who asked them to pump more crude oil owing to rising prices.

Forbes reported that “OPEC and its oil-producing partners have rebuffed President Joe Biden’s call for increased production amidst rising fuel prices, retorting that if the United States believes the world’s economy needs more energy, then it has the capability to increase production itself”.

It added that the OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-member top producers guided by Russia approved an increase in production of 400,000 bpd for the month of December.