So Did Our Crude Production Rise In May?

Output for Nigeria’s crude oil production for May, increased by 230,900 barrels per day (bpd), according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC) released earlier this week.

Specifically, the country’s production output, based on direct communication, rose from 1.650 million barrels per day in April to 1.881 million bpd in May.

The country’s crude oil production output for April had earlier increased by 19,000 bpd, while the figure based on secondary sources, put the rise in April at 1.886 bpd from 1.867 bpd recorded in March

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According to the report, production by member countries in May rose by 24,000 barrels per day (bpd), due to increases in Iraq and Angola and record output in top exporter Saudi Arabia.

OPEC said it expected that the world’s oversupply of crude oil to ease over the coming quarters. “The projections for market fundamentals indicate that the current oversupply in the market is likely to ease over the coming quarters. “It should be recognized that market stability remains a common objective for all market participants, attainable through cooperative effort” it said.