OPEC says Nigeria’s Oil Output down by 11.47% in Q2’21
Apparently in a bid to comply with the output quota of the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped 11.47 per cent year-on-year, YoY, in the second quarter of 2021 (Q2’21). But the decline also shows significant under-production against the quota.
In its July 2021 Monthly Oil Market Report, MOMR, obtained by Vanguard, the OPEC disclosed that on the average, the nation produced 1.343 million barrels per day, mb/d, in Q2’21 compared to 1.517 mb/d produced in Q2’20. This also compares negatively with the OPEC quota of 1.4 mb/d.
Specifically, the report has it that the country produced 1.372 mb/d, 1.344 mb/d and 1.313 mb/d, in April, May and June, 2021 respectively, compared to 1.705 mb/d, 1.436 mb/d and 1.411 mb/d, produced in the corresponding months of 2020.
At the Q2’21 average output the country requires about 500 mb/d output on condensate to meet its 2021 budgetary target of 1.8 mb/d. But currently the estimated condensate output is put at 400 mb/d, indicating a likely significant shortfall. More at: The Vanguard