THE Organization of Petroleum Exporting Countries and its allies, known colloquially as OPEC+, cut Nigeria’s oil output by 4.6 percent to 1.742 million barrels per day, mb/d, excluding condensate, for the November 2022 market, down from 1.826 mb/d in August 2022.Infomation Guide Nigeria
This was one of the measures implemented to restore market stability following increasing volatility, which saw the prices of numerous crude oil grades, notably Nigeria’s Bonny Light, fall below $90 per barrel last week, from over $100.
A closer examination at the ‘November 2022-December 2023’ data obtained by Vanguard revealed that Nigeria’s 1.742 mb/d was the greatest among African manufacturers, while Sudan’s 72,000 bp/d was the lowest.
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OPEC+ reiterated that the market situation was still shrouded by some uncertainties in its market review on Wednesday, adding that it remained dedicated to attaining stability.
Apparently in response to the news, the price of Nigeria’s Bonny Light climbed to $93.36 per barrel, up from $90 the day before.
This was $28 per barrel higher than the nation’s $62 per barrel 2022 budget benchmark, despite the fact that losses from oil theft and fuel subsidies continue to have a detrimental influence on the oil revenue’s capacity to achieve desired budgetary predictions.
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According to Vanguard’s research, Nigeria may be unable to fulfil the revised target due to increased pipeline damage, oil theft, and illegal refining in the Niger Delta.
In its latest report, “Crude Oil and Condensate Production 2022” obtained by Vanguard, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that Nigeria produced 972,394 barrels, excluding condensate in August 2022, showing more than 700,000 bpd less than its 1.826 mb/d, during the period.
In a statement obtained by Vanguard, OPEC+ said: “In light of the uncertainty that surrounds the global economy and oil market outlooks, the Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020.Jamb Result
“Extend the duration of the Declaration of Cooperation until the 31st of December 2023. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries.”
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