Nigeria’s crude oil output rose slightly by 50,000 barrels per day in July, as a result of the lifting of force majeure on its premium crude, Bonny Light by Shell Petroleum Development Company of Nigeria Limited, a survey conducted by Reuters has shown.
Shell had declared force majeure on the high grade crude in May due to shutdown of the Nembe creek trunk pipeline, which carries the crude. Shell is the operator of the pipeline.
Nigeria had pumped 1.89 million barrels per day in June, the country’s ministry of petroleum said last month.
The survey also showed that the Organisation of Petroleum Exporting Countries (OPEC) pumped 32.64 million barrels of oil per day in July, up 70,000 barrels per day from June’s revised level and the highest this year with the addition of Congo Republic who recently joined the cartel. The addition of Congo Republic to OPEC in June has added about 320,000 barrels per day to production.
OPEC and its partners agreed last month to boost supply as U.S. President Donald Trump urged producers to offset losses which made oil prices hit $80 a barrel for the first time since 2014.
Other OPEC members who increased crude production include Saudi Arabia, Kuwait, United Arab Emirates and Iraq. On the other hand, countries with lower output, were Iran, Venezuela, Libya and Angola. Exports from Iran fell as returning U.S. sanctions discouraged companies from buying the country’s oil, while output from Libya, which remains volatile due to unrest, edged down.
Production also slipped in Venezuela, where the oil industry is starved of funds because of economic crisis, and in Angola due to natural decline at oilfields.
