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According to the Minister of Petroleum Resources,Ibe Kachikwe, the nation’s crude oil production including condensate fell to 1.999 million barrels per day in January from 2.081 million bpd in December.
The Organisation of Petroleum Exporting Countries(OPEC), in its latest monthly oil report released on Tuesday, said Nigeria’s oil production dropped to 1.687 million bpd in January from 1.797 million bpd.
OPEC and 10 non-OPEC countries agreed in December to cut oil production by 1.2 million bpd effective from January for an initial period of six months to shore up what many expected to be weakening market fundamentals ahead.
With a reference level of 1.738 million bpd, Nigeria’s oil production was to be cut by 53,000 barrels to arrive at a new quota of 1.685 million bpd.
According to S&P Global Platts, OPEC has painted a bearish picture for 2019, with demand for its crude oil expected to fall due to weak demand growth and a sharp rise in output from producers outside the group.
The group’s 14 members pumped 30.81 million bpd in January, down from 31.60 million bpd in December, according to its Monthly Oil Market Report.