1. THE Organisation of Petroleum Exporting Countries (OPEC)’s crude oil production dropped by 226,400 barrels a day last month to 30.253 million, the largest decrease since March.
2. Saudi Arabia, the world’s largest oil exporter, led the decline with a reduction of 69,900 barrels a day, according to the oil cartel in its monthly report released on Wednesday.
3. Nigeria also contributed to the decline with 56,300 barrels per day to settle at 1.902 million bpd, compared with the 1.958mpd it recorded in the previous month.
4. Specifically, Nigeria’s crude oil production in the month of October stands at 1.902 million bpd as against the 1.958 million bpd recorded in the previous quarter.
5. OPEC stated: “Production from Saudi Arabia, Angola and Nigeria decreased, while crude oil output in Libya increased. According to secondary sources, OPEC production not including Iraq, stood at 27.02 mbpd in October, down by 0.21 mbpd from the previous month”.
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