Highlights July production falls 89,256 b/d to 1.31 million b/d Bonny Light hits lowest level in decades, force majeure still in effect Political risks could deteriorate ahead of 2023 elections Nigerian crude oil output fell 6% month on month in July as pipeline closures and maintenance at major fields continued to impede Africa’s largest oil producer, industry sources said Aug. 8.
A senior official from the country’s oil ministry told S&P Global Commodity Insights the field that feeds the major export grade — Bonny Light — remains heavily disrupted. Nigeria has had to deal with a barrage of security, operational, and technical problems at its key oil infrastructure since early 2021. Crude and condensate production in July fell to 1,314,074 b/d, from 1,403,330 b/d in June, according to Nigerian Upstream Petroleum Regulatory Commission data. Nigeria […]