Nigeria’s crude oil output increased by 252,800 barrels per day in January, up from the 1.697 million barrels per day it recorded in December to 1.949 million barrels per day, The Guardian reports.
This development has also boosted the total production of the Organisation of Petroleum Exporting Countries (OPEC) in the month under review. The price of Nigeria’s Bonny light however went down by $7.60 to $30.35 per barrel in January.
Specifically, total OPEC crude oil production in January averaged 32.33mbpd, representing an increase of 131tbpd over the previous month. The cartel disclosed that crude oil output increased mostly from Nigeria, Iraq, Saudi Arabia and Iran, while production showed a decrease from Angola, Venezuela and Algeria.