Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel.
Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which runs from January-June, which exempts Iran, Libya, and Venezuela, Nigeria’s output has been on the rise since the beginning of the year.
Nigeria’s quota under the deal is 1.69mbd, though it disputes the inclusions by Platts and other market watchers of some grades that it considers to be condensate.
Nigeria boosted its April production to a 14-month high of 1.95mbd despite delays to loadings of key export grade, Qua Iboe, according to traders, and disruptions to a major Bonny Light pipeline, the survey found.