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2014-09-03 17:45:00

NIGERIA INCREASES OPEC

NIGERIA INCREASES OPEC

Surging oil production in Nigeria led output from the Organisation of Petroleum Exporting Countries (OPEC) to a one-year high in August, a Bloomberg survey showed.

Production by the 12-member OPEC rose by 891,000 barrels per day (bpd) to 31.033 million, according to the survey of oil companies, producers and analysts.

Last month's total was revised 80,000 bpd lower to 30.142 million because of changes to the Nigerian and Iranian estimates. Nigeria, Saudi Arabia and Angola led gains as new deposits came online, security improved and field maintenance programmes ended. Iran and Venezuela were the only members…

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Tags: NIGERIA, OIL, OPEC, SHELL, SNEPCO, BONGA
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