Specifically, the country’s crude
oil production increased from 1.210 million bpd recorded in March to1.484
million bpd in April.
Meanwhile, Brent crude oil prices
surged more than 2.4 per cent to $52.15 on Monday, after Saudi Arabia and
Russia agreed to extend production cuts into 2018.
Nigeria’s crude oil production declined in February, when Nigeria’s subsidiary of Royal Dutch Shell Plc shut down the Nembe Creek Trunk Line, which exports Bonny Light crude oil, in order to remove theft points.
This made the country’s crude oil
output to drop from 1.426 million bpd it recorded in February to 1.210 million
bpd in March. But Shell said that it had completed repair of the damaged
pipeline, which boosted the country’s production in the month under review.
OPEC in its March oil market report
released recently, raised its forecast for oil supply growth from non-members
in 2017, but kept its outlook for global crude demand unchanged.
The world oil supply in 2016
averaged 95.82 mbpd, representing an increase of 0.34 mbd compared to a year
ago. The relatively weaker oil prices, lower investment and cuts in
International Oil Companies (IOCs’) Capex led to a decline of 0.42 mbpd in
non-OPEC output, particularly the US oil production, which was partially
balanced by higher OPEC crude oil output of 0.95 mbpd.
Preliminary data indicates that
global oil supply decreased by 410 trillion bpd in April to average 95.81 mbpd,
higher by 0.83 mbpd year on year. A decrease in non-OPEC supply (including
OPEC, natural gas liquids NGLs) of 0.39 mbpd, together with a decline of 0.02
mbpd from OPEC, further reduced the overall global oil output in April.
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