Nigeria’s oil production including condensates declined by about 70,000 b/d to 2.09 million b/d in October, compared to the preceding month, according to estimates released Friday by the country’s oil ministry. The drop comes after a recent upsurge in sabotage attacks on production facilities by oil thieves reported by the Nigerian National Petroleum Corp.
NNPC on November 4 alerted that sabotage attacks on its oil pipelines are on the increase, and could potentially hurt oil production and petroleum products supply by Nigeria. Industry officials and analysts have also expressed concern over a possible upsurge in violence in Nigeria’s oil sector ahead of the country’s general elections next February.
Output averaged 2,091,776 b/d in October compared with 2.16 million b/d in September, according to the ministry. The government is hoping to see average oil output of 2.3 million b/d this year in order to fund its budget.
Source: S&P Global Platts