• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

[BOOM] Nigeria Post Largest Drop In Output Among OPEC Countries In November

Editor by Editor
December 15, 2015
in Business News
[BOOM] Nigeria Post Largest Drop In Output Among OPEC Countries In November
Share on FacebookShare on TwitterShare on Linkedin

OPEC has released its monthly oil market report for the month of November showing crude oil production from Nigeria fell by 205,000 barrels per day in November. This was the biggest drop among OPEC countries for the month with Saudi Arabia coming at a distant second with 89.9 thousand barrels per day.

OPEC, in its latest monthly oil market report, put crude oil production from Nigeria at 1.607 million bpd in November based on direct communication, down from 1.812 million bpd in October. Meanwhile Angola, Africa’s second largest producer of Crude saw output drop to 1.722 million bpd last month from 1.762 million bpd in October. Angola has in recent years come neck and neck with Nigeria threatening to usurp Nigeria as Africa’s largest exporter. The data reveal Angola surpassed Nigeria in oil production for the first and second quarter of 2015.

The report also point out that December official selling prices for Nigeria’s crude hit their lowest level in more than 10 years. North Sea oil was also competing with light sweet Nigerian crude, which has a big overhang of cargoes available for export. Nigeria’s rig count remained at 28 for the month same as it had been in October 2015. Rig count is still 8 down from the 36 recorded in 2014.

RelatedStories

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025

According to the 2015 Budget performance, Nigeria’s crude oil production as at September 2015 was 2.0449 million bpd compared to the 2.782 million bpd budgeted.  Analysts surveyed by Nairametrics opine that demand for Nigeria’s bonny light crude has dropped and as such traders don’t want to hold Nigerian cargoes. With Libya set to commence production next year, it is more likely that things could get worse than better.

 

Apart from volume constraints, the price of oil is also expected to remain depressed next year as analysts believe the days of $100 per barrel are long gone. However, OPEC Secretary-General Abdullah al-Badri was quoted on Tuesday as saying that the price of oil will still rise. According to him

“I’ve been in the oil business all my life. I saw six cycles – I saw very high price, I saw low price, and this is one of them. This will not continue,” Badri said at the first OPEC-India Energy dialogue in New Delhi. In a few months or a year or so this will change,”

 

Tags: NNPC Nigeria NewsOPEC
Editor

Editor

Related Posts

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment
Energy

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025
OPEC, crude oil production
Energy

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025
Crude oil prices
Breaking News

Crude oil price falls below $60, stoking fears of weaker naira and wider deficits 

May 5, 2025
OPEC
Energy

OPEC+ plans 2.2 million bpd oil output increase by November 

May 4, 2025
Next Post
Honeywell Flour Mills Appoints Mrs. Oluseye Sandey As A Board Member

Honeywell Flour Mills Appoints Mrs. Oluseye Sandey As A Board Member

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • AGF approves prosecution of Andy Uba, Benjamin Etu over alleged N400 million fraud 
  • EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 
  • FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

Follow us on social media:

Recent News

Federal High Court, REA

AGF approves prosecution of Andy Uba, Benjamin Etu over alleged N400 million fraud 

July 7, 2025
EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

July 7, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics