Business

Nigeria’s December oil output below fiscal projection

National Liquid Hydrocarbon Production report of the Department of Petroleum Resources (DPR) has shown that Nigeria’s crude and condensate output in December fell nine per cent month-on-month to 1.52 million b/d, owing to production challenges at key export grade Qua Iboe.
   
According to the report, crude production fell to 1.17 million b/d last month from 1.33 million b/d in November. Condensate production, however, was up slightly, averaging 348,078 b/d in December from 339,920 the previous month.
  
The country had set a revised target of 1.8mbpd for 2020 but OPEC cuts to check prices and manage supply have continued to hinder free production.

Production of Qua Iboe – Nigeria’s largest export grade and popular among refiners globally, with Canada, India, Indonesia, Italy, the Netherlands, Spain and the US, being regular buyers – averaged 49,946 b/d last month, compared with 159,225 b/d in November, DPR data showed.
   
Exports of Brass River were on force majeure from late November to mid-December, after a sabotage attack on an oil and gas pipeline.
  
Africa’s largest oil producer saw its output fall steadily in the second half of last year as it came under pressure to make hefty cuts as part of its OPEC+ obligations.

Source: guardian.ng