Nigeria’s oil output drops in October, sees rig count rise – OPEC

Nigeria’s rig count — a standard yardstick used in measuring a nation’s activeness in exploration and production of crude oil and gas — for the month of October, 2018 increased to 34 from 33 recorded in the previous month, data from the Organisation of Petroleum Exporting Countries, OPEC, have showed.

But despite the additional rig count, Nigeria’s crude oil production witnessed a decline in October, 2018 to 1.75 Million Barrel per day, mb/d from 1.77mb/d recorded in the preceding month. This is coming at a time the 15-member OPEC recorded plus 10 in its October rig count, as it had 568 against 558 recorded in September, 2018.

The latest data showed that while seven OPEC members – Angola, Ecuador, Equatorial Guinea, Iran, Kuwait, Libya, and Qatar -had retained their rig count figures, Algeria recorded a minus three, the only decliner among the OPEC members.

However, the new statistics showed that Saudi Arabia, had the highest increase of six followed by Venezuela, and United Arab Emirate, UAE, that recorded increases of two respectively. Gabon and Iraq joined Nigeria in recording just one additional rig count during the period.

Source: Vanguard

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