The figures from the just-released oil market report of the Organisation of Petroleum Exporting Countries showed that crude oil production in Nigeria fell by 1. 74 million barrels in September.
The group outlined the crude oil production figures of its 13 -member countries in the OPEC report, dated October 13, based on direct communication with the various nations.
For Nigeria, OPEC said the country produced 1. 37 million barrels of crude oil per day in August 2020, but the figure dropped to 1. 31 million barrels per day in September.
This revealed that the country’s oil output reduced by 58, 000 barrels daily in September when compared to the production figure in the preceding month.
It, therefore, implies that for the 30 days of September, based on OPEC’s data, Nigeria’s oil production fell by 1. 74 million barrels.
On crude oil price movement, the report stated that spot crude prices settled significantly lower in September after four consecutive months of gains.
The OPEC Reference Basket fell by $3. 65, or 8. 1 per cent month-on-month to $41. 54 per barrel, while the year-to-date averaged $40. 62 per barrel.
Crude oil futures prices on both sides of the Atlantic declined during September, for the first time since April.
ICE Brent was down by seven per cent month-on-month, averaging at $41. 87 per barrel, while NYMEX WTI dropped 6. 5 per cent month-on-month, settling at $39. 63 per barrel.