The price of crude oil reached $92.28 per barrel early Wednesday, sustaining an upward momentum that started days ago.
While Brent Crude was sold for $91 on Tuesday, it rose to $92.28 on Wednesday on the back of renewed pledge by Saudi Arabia and Russia to further cut their output by 1.3 million barrels until the end of the year.
Data obtained from OPEC showed Nigeria’s oil production for August rose to 1.1 million barrels per day from 1 million b/d in July.
The Nigerian Upstream Petroleum Regulatory Commission also recently put the country’s production for August at 1.4mb/d, including condensate of 400,000b/d.
Although the country’s oil reserves are estimated at 38bb/d, it has been unable to increase its daily oil production due to crude oil theft.
The Nigerian National Petroleum Company Limited has reported weekly crude oil theft incidents across the oil-producing states.
According to National Security Adviser, Nuhu Ribadu, the country loses 400,000 barrels of oil daily.
In February, Nigeria produced 1.2mb/d and peaked at 1.5mb/d in March before dipping to 1.004mb/d in April.
The activities of oil thieves crashed the country’s output to around 900,000b/d in September last year.
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