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Business & Finance

Nigeria Records Biggest Drop in Oil Production Output

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Nigeria in August had the biggest drop in oil production among the OPEC countries, OPEC’s Monthly Oil Market Report for September has revealed.

“Crude oil output increased mainly from Saudi Arabia and Iran, while Nigeria and Libya showed the largest drop,” OPEC said in the report.

Crude oil production was 1.468 million bpd in August, falling from the 1.52 million bpd recorded the previous month. Overall oil production was 33.24 million bpd in August.

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Angola remains the top oil producer in Africa. It saw its oil output rise to 1.775 million bpd in August from 1.767 million bpd the previous month.

Of recent, Nigeria’s oil production output has been hit severely by incessant attacks on oil pipes by militants in Niger Delta, the area where the country’s crude oil deposit is concentrated at.

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