Nigeria’s Crude Oil Production Increases By 70,000bpd – Reuters Survey

Nigerian crude oil production grew by 70,000 barrels per day in May, according to a Reuters survey issued on Tuesday.

According to the document obtained by the Nigerian News Agency (NAN) in Lagos, the country's crude oil production averaged 1.42 million barrels per day in May.

The figure is 70,000 barrels per day higher than the average crude oil production in April, which stood at 1.35 million barrels per day.

For the first time since February, the Organisation of Petroleum Exporting Countries (OPEC) increased oil output in May, exceeding the increase envisaged under a deal with allies, according to the survey.

It attributed this to increased Saudi and Iraqi supply, as well as a partial recovery in outage-plagued Nigeria.

"The ten OPEC members bound by the contract pumped 24.73 million barrels per day in May, up 280,000 barrels per day from April and beyond the 274,000 barrels per day rise required by the agreement," according to the study.

"Saudi Arabia led the way with a 100,000bpd increase in May.

"The second-largest exporter, with 70,000 bpd, was Nigeria, which, according to loading plans, increased shipments in May, despite the fact that the vital oil stream Bonny Light remains under force majeure."

Kuwait and Iraq increased production by 40,000 and 30,000 barrels per day, respectively, while the United Arab Emirates added 20,000 barrels per day.

Due to a lack of capacity, production did not increase in Congo, Equatorial Guinea, or Gabon, according to the survey.

"The biggest loss was in Libya, where supply fell by 70,000 bpd as the conflict continued to stifle the country's output," the report added.

"Iran's output dropped as well. According to survey sources, exports have decreased in part because Iran has supplied less oil to China since the start of the Ukraine conflict, as Beijing prefers cheaper Russian crude.

It is based on external shipping data, Refinitiv Eikon flows data, data from tanker trackers like Petro-Logistics, and information from sources at oil corporations, OPEC, and consultants.