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Nigeria pumped crude oil in February above OPEC quota – Survey

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A survey has revealed that Nigeria pumped 190,000 barrels per day of crude oil in February above its agreed quota under the Organisation of Petroleum Exporting Countries, OPEC current production cut deal.

The survey carried out by S&P Global Platts reveals this after the Minister of State for Petroleum Resources, Dr. Ibe Kachukwu, had claimed that Nigeria complied with the production cut deal from February.

Read: Buhari says Nigeria’ll consider reduction in crude oil output

In December, OPEC+ agreed to cut oil production by 1.2 million barrels per day effective from January for an initial period of six months to help balance the market and support prices. Nigeria which was exempted from the previous production cuts was, however, included in the current accord. With a reference level of 1.738 million bpd, the country was given a new quota of 1.685 million bpd.

The S&P Global Platts’ survey, however, showed that Nigeria pumped 1.88 million bpd in February, 190,000 bpd above its cap. S&P Global Platts’ surveyed industry officials, analysts, and shipping data to arrive at the figure.

It is however believed that the production figure may be as a result of production from a new deepwater field, Egina, which the minister has said he might seek those barrels be classified by OPEC as condensates and not subject to the quotas. Nigeria also considers Agbami grade as a condensate, while S&P Global Platts and some other secondary sources used by OPEC to monitor production classify it as crude.

The Ministry of Petroleum Resources had revealed recently that the nation’s crude oil production including condensates fell to 1.999 million bpd in January from 2.081 million bpd in December.

Source Ripples Nigeria
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