May production slumps 14% to average 1.28 million b/d Maintenance carried out at Qua Iboe, Bonny Light Political risks may worsen ahead of 2023 elections, say analysts Nigerian crude oil output has plunged to new lows in recent weeks, hit by pipeline closures and maintenance at major fields, industry sources said June 9.

A senior official from the country’s oil ministry told S&P Global Commodity Insights the fields that feeds to two major exports grade — Bonny Light and Qua Iboe — were down on maintenance in May but output was “gradually returning”. Other industry sources said the Nembe Creek and Trans Forcados pipelines had repeatedly come under sabotage, and flow through the lines have been sporadic in the past month. Africa’s largest oil producer has had to deal with a barrage of security, […]