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Nigeria’s crude oil production plunged to a record low of 1.24 million barrels per day last month as a result of lingering disruptions, S&P Global Platts reported on Wednesday.

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Nigeria’s crude oil production plunged to a record low of 1.24 million barrels per day last month as a result of lingering disruptions, S&P Global Platts reported on Wednesday.

The report quoted industry and ministry sources as saying that the country’s oil output had fallen sharply in the past few weeks due to an oil spill near the key Forcados export terminal.

Nigeria has been facing many operational and technical problems in the past few months. Key crudes such as Bonny Light, Escravos, Forcados and Qua Iboe have all faced production issues in 2021.

The country has the capacity to produce around 2.2 million to 2.3 million bpd of crude and condensate, but production has averaged around 1.50 million bpd for the first eight months of 2021, according to S&P Global Platts estimates.

Shell Petroleum Development Company declared force majeure on crude loadings of key export grade Forcados on August 13 due to ‘the curtailment of production and suspension of export operations as a result of some sheen noticed on the water around the loading buoy’.

Written by: EaglesFM

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Nigeria recorded a trade deficit of N1.87tn in the second quarter of the year despite recording 111.32 per cent in crude oil exports.

Nigeria recorded a trade deficit of N1.87tn in the second quarter of the year despite recording 111.32 per cent in crude oil exports. However, statistics released by the National Bureau of Statistics in Abuja on Wednesday showed that the country’s deficit improved within the period. In the first quarter of the year, the country’s trade deficit stood at N3.94tn. The Foreign Trade in Goods Statistics report for Q2 2021 by […]

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