Oil dips below $100 as Nigeria’s production hits 1.158mb/d

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Brent, the international benchmark for crude, fell below $100 per barrel on Tuesday as the latest figures released by the Organization of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d.

Industry data indicated that Brent dropped in price by $7.72 or 7.21 per cent to close at $99.38 per barrel as at 7.45pm Nigerian time on Tuesday.

This came as figures from the OPEC Monthly Oil Market Report for July 2022 showed that Nigeria’s oil production increased by 134 million barrels per day in June 2022, according to crude oil production data obtained by OPEC from direct communication.

The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d in June.

However, figures from OPEC showed that the country had produced more crude oil in April this year, as its output at the time was 1.219mb/d.

OPEC further stated that crude oil spot prices rose in June, extending the previous month’s increase.

It said higher futures prices and strong physical crude market fundamentals drove the increase, amid higher crude demand from refiners and several supply disruptions.

“The OPEC Reference Basket rose $3.85, or 3.4 per cent, to settle at $117.72/barrel,” the organization stated in its latest report.

It added, “The ICE Brent front month increased by $5.54, or 4.9 per cent, in June to average $117.50/barrel and NYMEX WTI rose by $5.08, or 4.6 per cent, to average $114.34/barrel”.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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