Oil Falls Below $100, Nigeria’s Production Hit 1.158mb/d

The latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d.

This is as Brent, the international benchmark for crude, fell below $100 per barrel on Tuesday.

The data released by the industry shows that Brent dropped in price by $7.72 or 7.21 per cent to close at $99.38 per barrel as of 7.45 pm Nigerian time on Tuesday.

According to crude oil production data obtained by OPEC from direct communication, the OPEC Monthly Oil Market Report for July 2022 showed that Nigeria’s oil production increased by 134 million barrels per day in June 2022.

The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d in June.

However, figures from OPEC showed that the country had produced more crude oil in April this year, as its output at the time was 1.219mb/d.

OPEC further stated that crude oil spot prices rose in June, extending the previous month’s increase.

It said higher futures prices and strong physical crude market fundamentals drove the increase, amid higher crude demand from refiners and several supply disruptions.

The organisation stated in its latest report, “The OPEC Reference Basket rose $3.85, or 3.4 per cent, to settle at $117.72/barrel.”

It added, “The ICE Brent front month increased by $5.54, or 4.9 per cent, in June to average $117.50/barrel and NYMEX WTI rose by $5.08, or 4.6 per cent, to average $114.34/barrel”.

Meanwhile, OPEC dedicated its July 2022 Monthly Oil Market Report to its late and immediate past Secretary-General, Mohammad Sanusi Barkindo.

It said, “We dedicate this issue of the OPEC Monthly Oil Market Report to the memory of OPEC Secretary-General, His Excellency Mohammad Sanusi Barkindo, who passed away on July 5, 2022, in his home country of Nigeria.

“He was the much-loved leader of the OPEC secretariat and his passing was a profound loss to the entire OPEC family, the oil industry and the international community.”