As Organisation of the Petroleum Exporting Countries (OPEC),began meeting, Nigeria’s oil output has rose to 1.6 million barrels per day (bpd).
Last month, output had fallen to 1.4 million bpd due to a string of militant attacks and an accident on the ExxonMobil platform exporting Qua Iboe, the country’s largest crude oil stream.
It was learnt on Thursday that over the past few days, there had been a significant rise in the country’s oil production.
A group calling itself the Niger Delta Avengers has attacked oil and gas facilities in the region demanding a greater share of oil profits and independence for the swampy region where residents have long complained of poverty.
Former militants have called for a halt to a resurgence of attacks in the Niger Delta, saying it is an unnecessary distraction for President Muhammadu Buhari’s administration.
This led Nigeria’s oil production to fall by almost 40 percent and pushed output of crude close to a 22-year low, putting intense pressure on the country’s finances.
It would recall on Tuesday that OPEC’s oil output in May fell from near a record high as attacks on Nigeria’s oil industry and other outages outweighed increases in Iran and Gulf members.
Already, Oil ministers from the Organisation of the Petroleum Exporting Countries (OPEC) , have began meeting Thursday morning in Vienna, where Iran and Saudi Arabia were expected to clash over output targets.
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