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Nigeria’s oil production falls below OPEC quota

Nigeria’s crude oil production fell by 6.68 percent to 1.239 million barrels per day in the month of August from 1.323mb/d in July, latest report from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

The daily oil production figure excludes condensate which Nigeria is not under obligation to report to OPEC, just as the OPEC quota does not include the condensate.

OPEC in its Monthly Oil Market Report published yesterday, disclosed that member countries produced 26.76mb/d in August.

The Minister of State Petroleum Resources, Chief Timipre Sylva, had in July this year disclosed that Nigeria’s OPEC oil production quota had risen to 1.554 million barrels per day excluding condensate.

The quota was raised further by 38,000bp/d at the last August meeting where the OPEC, alongside its allies led by Russia, agreed to raise global oil supply.

OPEC in its report yesterday, stated that “preliminary data indicates that global liquids production in August decreased by 0.03 mb/d to average 95.69 mb/d compared with the previous month.’’

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