The suspension of Forcados loadings contributed to the country becoming the second-biggest contributor to the drop in OPEC crude oil output in July, a Reuters survey showed. As a result of the halt in Forcados loadings, Nigeria’s crude oil production slumped by 40,000 bpd in July compared to June, marking one of the biggest drops in OPEC output. Nigeria has lost huge oil production and export to oil theft in the Niger Delta lately. Nigeria’s crude oil production, including condensates, is around 1.3 million barrels per day, according to Kyari. Disruptions remain a significant and persistent downside risk to Nigeria’s crude oil production,” the EIA said.

Source: Punch September 05, 2023 15:07 UTC