Nigeria’s crude oil output increased by about 403,900 barrels per day (bpd) to 1.940 million bpd in December 2016, above November levels of 1.536 million bpd, according to the current figures released by Organisation of the Petroleum Exporting Countries (OPEC).
Compared to third quarter 2016, 1.2 million bpd output, the boost in production is attributed to Federal Government’s overtures to militant groups in the oil-rich Niger Delta region, to pave the way for a comprehensive dialogue with a view to resolving all the issues.
Due to the vandals and militants activities Nigeria’s crude oil output dropped to as low as 900,000 bpd in early 2016, a far cry from the 2.2 million barrels benchmarked in the budget.
Despite the December uplift, the country is having a shortfall of 260,000 barrels daily, which will challenge the full execution of the 2017 National Budget, also pegged at 2.2mbpd.
OPEC said in the report released on Wednesday, that crude oil production in December decreased by 2.21 million bpd from the previous month to average 33.08 mbpd.
According to OPEC, which supplies about 40 percent of the world oil, output increased the most in Iraq, Angola and Libya, while production in Saudi Arabia, Nigeria and Venezuela showed the largest decline.
Speaking on efforts the country is making to increase oil output, Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, in his 2017 projection for the industry hoped that Nigeria would achieve 2.1 million barrels per this month.
Kachikwu noted that the vandalism of the Forcados export pipeline negatively impacted on the country’s oil output, adding that the issue was currently being addressed.
He said: “In terms of crude oil output, we are still not where we should be. These days, I am always conscious about giving figures so that I do not attract attention unnecessarily. “Obviously, the Forcados incident did impact us. My guess is that we are moving closer to 1.9 million barrels per day at this point. We are still managing the issue.”
The Director General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf stressed the need for the country to increase output.
To achievethis, Yusuf said the country must tackle the problem of the Niger Delta, which is a critical to maximising inherent opportunities.
“Remember, we were exempted from the OPEC quota thing, so we should take full advantage of that by increasing our output. We cannot increase output unless we deal with Niger Delta issue. So that is why we have to tackle this issue of Niger Delta. We need to come up with clear ways of dealing with the problem,” he said.
http://m.guardian.ng/business-services/nigerias-crude-oil-output-increases-by-403900bpd/?F

Lalasticlala

FCT
I dedicate it to Donald Trump the new American president.
Make government settled Nigeria Delta people oooooo

Good news, pray we keep this tempo and price stabilizes or increases base on current rate, hopefully better things go happen this year 2017

As long as Buhari is there, I doubt if we will come out of recession no matter the price of crude oil. OBJ said he is clueless on economic matters

At the end, nothing will be shown for it.

Kudos to kalichukwu!

Output increasing. Oil price increasing. Yet poverty and recession is increasing in the country. What kind of unbalanced equation is this?

who do we blame for this increase now?


surely not PDP

Cc Fergieboy

Siralexis

Donjazet

Obikush

Rakiticbarca

Antispam bot don ban me for una thread i for post there. Abeg make una helep me o. I tried funding my bet9ja account. My bank account was debited but the money did not reflect on my bet9ja account. What do i need to do about this cos i av called both interswitch and they told me the transaction was successful while bet9ja told me to contact my bank for reversal. Abeg make una suggest way out

As at this January, Nigeria output is about 1.4mbpd, after shell shutdown Trans Niger Pipeline, one of two major pipelines transporting the Bonny Light crude grade for export. This information is wrong.

I don't even know what to type...I'm hungry!

Rilwayne001:
At the end, nothing will be shown for it.

Because the amount of oil we produce does not earn enough revenue for the country, even at maximal oil prices.

That is why we must diversify.

This does not equate Job creation. Thousands of jobs have been lost. As at Dec.2016, there were just about 5 rigs operating. What is the government doing to see that projects are decided upon and that activities perhaps pick up regardless the current price regime?

Nigerians are always looking for overnight miracle and that is why churches and MMM can swindle them at ease. we were pumping 2.2mbpd and selling as high as $76pb yet Jonathan and Iweala borrowed before they could paid salary. But we just received information about Nigeria pumping below 2mbpd at a time crude is selling below $60pb and some people are already complaining that Buhari is doing nothing. what has Jonathan to show for all the money he realized? increase in bokoharam activity, building his wife's, Allison's, Metuh's, Dasuki's etc account at the expense of the Masses.
you all forget that there has been constant increase in foreign reserve lately. we have endured through 2016, let's just give the govt 2 to 3 months more, by then the govt would have built the reserve to btw $35b to $40b then more dollars can be pushed into the economy.
if we had enough reserve before the oil price crashed, We could have reasonably absorb the crash without much stress as we did passed through in 2016.

kk

If NDA hear this, expect another round of wahala.

ephi123:
Output increasing. Oil price increasing. Yet poverty and recession is increasing in the country. What kind of unbalanced equation is this?

That is why diversification is important...... and why we must move onward from talking about it to doing it.

what yaf we gained ever since then

The more you sell, the poorer you will become

continu..

MrPresident1:

Has Jesus come back?

Hope it'd not be mismanaged like the IDPs fund

Pls check out my signature for quality and durable furniture

9jakohai:


Because the amount of oil we produce does not earn enough revenue for the country, even at maximal oil prices.

That is why we must diversify.

Is it nolonger pdp 16years misrule
Or

GEJ's inability to save in the rainy days

9jakohai:


Has Jesus come back?

Watch the heavens closely my friend

Enough money for bubu to fly around and for Senate to chop



Let the Militants keep blowing up pipelines, it's day 5 now without power in their communities




Sai baba till 2023

frank202012:


Is it nolonger pdp 16years misrule
Or

GEJ's inability to save in the rainy days

Even back during PDP time, we were not earning enough from oil.

We should have diversified ages ago.

If apc and PDP won't do it, we chose a party that will

olasunkanmii:
I don't even know what to type...I'm hungry!

You are always hungry! Why you come like food like this?

Maintaining this output is directly proportional to maintaining peace and pact in the Niger Delta

MrPresident1:


Watch the heavens closely my friend

If we are still here by tomorrow, you better have a good story for us.

I dnt know where this news is emanating from. Caution should be exercised when giving out info like these cos the last time the NNPC GMD gave this kind of news, the avengers grounded operations again.