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Oil production falls to 1.99 million barrels

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The Ministry of Petroleum Resources has announced that Nigeria’s crude oil production, including condensate, fell to 1.999 million barrels per day in January from 2.081 million bpd in December 2018.

Similarly, the Organization of Petroleum Exporting Countries (OPEC), in its latest monthly oil report released said Nigeria’s oil production dropped to 1.687 million barrels per day (bpd) in January from 1.797 million barrels per day (bpd).

In December 2018, OPEC and 10 non-OPEC countries agreed to reduce oil production by 1.2 million bpd which will take effect from January for an initial period of six months to shore up what many expected to be weakening market fundamentals ahead.

With a reference level of 1.738 million bpd, Nigeria’s oil production was to be cut by 53,000 barrels to arrive at a new quota of 1.685 million bpd.

Meanwhile, S&P Global Platts stressed that OPEC has painted a bearish picture for 2019, with demand for its crude oil expected to fall due to weak demand growth and a sharp rise in output from producers outside the group.

OPEC’s research division said that the demand for its crude will be approximately 30.62 million bpd in the first half of 2019, around 190,000 bpd lower than last month.

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