Nigeria’s oil production drops in spite of end of militancy, loses N82.8b (evidence)

BUY AND SELL @ marttle.com

– Nigeria’s oil production for the month of March dropped

– This is in spite of the fact that no activities of militancy were recorded

– The country still trails Angola as top African oil producer

Nigeria’s oil production for the month on March suffered a dip as the country’s output was to 1.269 million barrel per day (BPD) according to the Monthly Oil Market Report (MOMR) released by OPEC.

According to the publication, Nigeria lost 156,900 bdp for the month of March considering the country produced 1.426mbpd in February in spite of the fact that the country has not witnessed militancy attack in a while.

The dip in oil production cost Nigeria N82.8 billion which could have funded the expenditure for water resources, put at N85 billion according to the 2017 budget proposal.

Nigeria;s oil production drops in March

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Nigeria which used to be the leading producer of oil lost the top position to Angola due to destruction of pipeline by Niger Delta militants and although it regained this position in November 2016, it was later overtaken by Angola in January 2017.

According to the MOMR, “In Nigeria, GDP contraction slowed from 2.3% y-o-y in the 3Q16 to 1.2% in 4Q16. In March 2017, however, the positive momentum continued in the country’s private sector as suggested by Stanbic IBTC Bank Nigeria PMI. The index reached its 15-month high of 53.0 in March due to strong

growth in output and new business. This has encouraged more firms’ purchases to reach their highest since December 2015.”

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ZENITHBLOG.com can report that Nigeria’s drop in production is not however exclusive as other OPEC member countries also suffered drop in production.

“Preliminary data indicates that global oil supply decreased by 226 tb/d in March to average 95.82 mb/d, higher by 0.22 mb/d y-o-y. A decrease in non-OPEC supply, including OPEC NGLs, of 0.07 mb/d and from OPEC crude of 0.15 mb/d, further reduced the overall global oil output in March. The share of OPEC crude oil in total global production stood at 33.3% in March, a decrease of 0.08 pp from the month before. Estimates are based on preliminary data for non-OPEC supply, direct communication for OPEC NGLs and non-conventional liquids, and secondary sources for OPEC crude oil production.”

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