Nigeria’s crude oil output increases by 403,900bpd

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IBE KACHIKWU MINISTER OF PETROLEUM

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.

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