Nigeria’s crude oil production rises in August

OPEC members exported more crude based on performance of Nigeria, Angola, Libya, and others.

Increased crude production by Angola, Nigeria, and Libya inspired a boost in the August production by the Organization of Petroleum Exporting Countries, the group said.

Oil production from the members of the organisation, OPEC, climbed to 31.41 million barrels per day from 31.16 million the previous month, OPEC said in its Monthly Oil Market Report, Tuesday.

OPEC supplies 40 per cent of the world’s oil.

Nigeria’s crude oil production climbed to 2.18 million barrels per day, from 2.13 million in July, while Angola’s output rose to 1.85 million barrels a day, an OPEC survey, which cites secondary sources for its information reported.

Nigeria pumped 254 thousand barrels more daily in August as the country continues to recover from an almost crippled crude sector due to militancy in the oil rich Niger Delta region.

Saudi Arabia, world’s largest crude exporter, produced 9.86 million barrels in August, a slight increase from its 9.85 million in July.

Iraq retained its position as the group’s second-largest producer, supplying 3.11 million barrels a day.

Iran, formerly second largest oil exporter has lagged for a third month as its oil production continues to shrink under sanction.