The latest data obtained from the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday shows Nigeria’s oil output dropped from 1.34 million barrels per day to 1.32 million barrels per day in November.
The decline from 1.34 million barrels daily production in October came on the backdrop of the cut deal by OPEC.
Secondary sources revealed that the overall OPEC crude oil production in November averaged 25.11 million bpd.
OPEC, in its Monthly Oil Report for November, said, “Crude oil output increased mainly in Libya and UAE, while production decreased primarily in Iraq.”
In April, OPEC and its allies known as OPEC+, agreed to cut output to offset a slump in demand and prices caused by the COVID-19 pandemic.
OPEC+ had earlier this month, agreed to gradually increase their oil production by 500,000 bpd in January. A monthly meeting was also agreed on which would start in January 2021 to decide further production adjustment until the total production increase reaches two million bpd.
