The latest update will further deepen Nigeria’s financial crisis as it means, the Nigerian National Petroleum Corporation (NNPC) could spend a huge percentage of its meagre export income to pay for its fuel importation.
According to data obtained from the Organization of the Petroleum Exporting Countries (OPEC) Nigeria’s oil production reduced by 195,000 barrels per day (bpd) to 1.02 million bpd in May from 1.22 million in April, based on direct communication.
While this happened Angola’s oil production stood at 1.16 million bpd in May, based on direct communication.
Part of the OPEC report reads “Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Libya, Nigeria, Iraq, Gabon and Iran declined.”
“Preliminary data indicates that global liquids production in May decreased by 0.15 million bpd to an average 98.75 million bpd compared to the previous month,” it added.
However, non-OPEC liquids production, including OPEC natural gas liquids (NGLs), are estimated to have increased in May by a minor 23,000 bpd month-on-month to an average 70.2 million bpd, but was higher by 1.7 million bpd year-on-year.
The report said: “The share of OPEC crude oil in total global production decreased by 0.1 percentage points to 28.9 percent in May compared with the previous month.
“Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”
Meanwhile, on Monday morning, data from Reuters shows brent crude the international benchmark price is trading at $120 per barrel.
While the US West Texas Intermediate (WTI) crude is trading at $119.03 per barrel.