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Nigeria Oil Output down on Opec Constraints

By on September 20, 2011

Nigeria is producing 1.8 million barrels of oil per day, down from a capacity of 2.5 million bpd as the West African nation adheres to its Opec output restrictions, an official at Nigerian National Petroleum Corporation said on Tuesday, according to a report.

Opec’s most recent monthly report says in August Nigeria produced 2.27 million bpd.

“Sometimes we have to go by the restrictions at some cost in favour of Opec’s bargaining power in the international oil market,” Francis Ogaree, a senior NNPC official told Reuters on the sidelines of an energy conference in Ghana.

He added that Nigerian crude oil reserves are expected to rise sharply by the end of 2012 to 45 billion barrels, from the current 36 billion to 37 billion barrels, thanks to new offshore discoveries.

“Presently our reserves are about 36 (billion) to 37 billion barrels but we are looking at about 45 (billion) barrels of reserves by the end of 2012 should our expansion delivery development come on stream as planned,” he told the news wire.

One Comment

  1. tayo

    February 8, 2012 at 1:38 am

    Please help us oh this money is a lot but no difference in nigerian roads and electricity the nigerian masses lived in poverty and our government makeS that much money from oil production,it’s on believeable

    mr tayo