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OPEC confirms Nigerian oil decline

Wednesday, December 12, 2012 8:44 AM


VIENNA, Dec. 12 (UPI) -- Nigerian oil production has experienced a general decline for much of the year because of flooding, oil theft and sabotage, said OPEC.

Nigeria is among the top oil exporters in the region. The U.S. Energy Information Agency, however, reported recently that crude oil deliveries from Nigeria were down for the summer about 500,000 barrels compared to the same time last year.

Flooding in states in the oil-rich Niger Delta prompted Shell and French supermajor Total to hold back on exports from the country.

The Organization of Petroleum Exporting Countries reported that Nigerian crude oil production for November stood at around 1.85 million barrels per day, down from the 2.1 million bpd on average for last year.

"Nigerian crude production suffered from a combination of natural disasters, oil theft and sabotage to the oil infrastructure," OPEC stated in its December report.

The Guardian (Nigeria) newspaper this week reported that Nigerian President Goodluck Jonathan called on his top navy admiral to thwart rampant theft in the country's oil-producing regions.

Nigeria gets 75 percent of its revenues from oil. The country is the No. 7 oil producer among the 12-member OPEC cartel.

(Source: UPI )
(Source: Quotemedia)

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