Oil in Global Economy Series: Nigerian oil and condensate production set to cross 2 million barrels per day in July

The OPEC monthly oil market report for July is yet to be published but unofficial data from Nigeria suggests that the crude oil and condensate production has crossed 2 million barrels per day threshold and reached as high as 2.06 million barrels per day. The production of oil and condensate recovered from 1.6 million barrels per day in July 2016, when militant attacks in oil rich delta severely hampered production. Improved security situation in the Niger Delta and the resumption of loadings and operations at the Forcados Oil Terminal and Qua Iboe Terminal pipelines would allow Nigeria to exceed its target for 2017 to produce 2.2 million barrels per day of crude oil and condensates.

In terms of crude oil and excluding the condensates, Nigeria produced around 1.733 million barrels per data according to OPEC data and the production is likely to have averaged 1.81 million barrels per day in July. Last month, OPEC members announced after a review meeting in St. Petersburg Russia that Nigeria has voluntarily joined the OPEC’s production cut initiative and agreed to put a ceiling at 1.8 million barrels per day.

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