Nigeria’s Oil Production Falls To 1.37 Million Barrels

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Meanwhile, OPEC in its new report on Wednesday said daily crude oil production in Nigeria dropped by 38,000 barrels in July to 1.37 million barrels.

The oil cartel, in its Monthly Oil Report for August, said the total crude oil production by the 13-member group averaged 23.17 million bpd in July 2020, higher by 0.98 million bpd month-on-month.

OPEC and its allies, known as OPEC+, agreed in April to an output cut to offset a slump in demand and prices caused by the coronavirus crisis. They decided to cut supply by a record 9.7 million bpd for May and June but the deal was extended in July by one month.

The group said any member that did not implement 100 per cent of its production cuts in May and June would make extra reductions from July to September to compensate for their failings.

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