Nigeria’s crude production up by 70,000bpd to 1.42million bpd in May 2022

Nigeria recorded improvement in crude oil production, increasing production levels in the month of May, with production, rising by 70,000 barrels per day and averaging 1.42 million bpd.

This was disclosed in the Reuters Crude Oil production Survey released on Tuesday based on Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, and information provided by sources at oil companies, OPEC, and consultants.

The report stated that May’s output of the Organisation of the Petroleum Exporting Countries (OPEC) exceeded the rise planned under a deal with allies for the first time since February, citing higher Saudi and Iraqi supply combined with a partial recovery in outage-hit Nigeria.

“The 10 members of OPEC bound by the deal pumped 24.73mbpd in May, up 280,000bpd from April and above the 274,000bpd increase called for by the accord,” it said.

“The biggest rise in May of 100,000bpd came from Saudi Arabia. The second-largest of 70,000bpd came from Nigeria, which loading schedules indicate boosted exports in May, even though key crude stream Bonny Light remains under force majeure.”

The report added that the biggest decline was in Libya, where supply dropped by 70,000bpd as unrest continued to curb the country’s output.

“Output in Iran also fell. Exports declined partly, sources in the survey said because Iran has shipped less oil to China since the start of the Ukraine war as Beijing favoured cheaper Russian crude