Nigeria’s oil production Dips again; Lowest Production recorded in six months

2019 Elections, Africa, economy, Oil, Petroleum Products, PMB, War, World Bank

Nigeria’s oil production dropped by more than 82,000 barrels per day (bpd) to 2.022 million b/d in March 2018 — compared to the output in the preceding month, according to estimates released by the ministry of petroleum resources.

The ministry figures showed that oil production, including condensates, averaged 2,022,716 bpd in March, down from a high of 2,105,656 bpd in February. It was the lowest oil production by the country in the last six months.

The ministry provided no reason for the decline.

Sabotage attacks on oil production and exports facilities had seen Nigeria not able to produce up to its maximum capacity of around 3.2 million bpd. In 2016, oil production dropped significantly to 1.4 million bpd, and the Nigerian economy slipped into recession.

On Monday, Shell said operations at Forcados terminal, one of Nigeria’s main oil export routes, were ramping up after a momentary shutdown at the Trans Forcados Pipeline (TFP).

Forcados terminal exports an average of 262,000 bpd, according to loading schedule.

The terminal experienced low injection of crude around March 27, following a shutdown of the TFP, a Shell Petroleum Development Company (SPDC) spokesman told TheCable Petrobarometer.

According to the Nigerian National Petroleum Corporation (NNPC), about 300,000 bpd of oil were shut in at Forcados terminal alone in 2016, following the declaration of the force majeure that year.

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