Nigeria’s oil production dropped in February to an average of 1.25 million barrels per day (bpd) from 1.39 million the previous month.
The global oil and gas industry is yet to fully recover to the pre-pandemic level despite a year-to-date (YTD) gain of over 50% in oil prices and a little less than a 100million barrel per day (mb/d) of global oil demand in 2021.
The increase in OPEC’s oil output in February exceeded the rise planned under a deal with allies for the first time since September, a Reuters survey found, as higher Saudi Arabian and Iraqi supply combined with fewer outages in smaller producers.
Oil prices jumped early on Monday on fears that Russia’s oil and gas exports
will be disrupted. The U.S. and Western allies imposed a new round of sanctions on Russia
Saturday evening that target the country’s financial system.
Oil prices on Monday hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world’s top producer in an already tight market.
On Thursday, the WTI U.S. benchmark rose above $90 for the first time since 2014; Brent’s international benchmark surpassed $91. As demand for petroleum products surged amid a constrained supply, both benchmarks were headed for their seventh straight weekly gain.
Saudi Arabia does not appear inclined to boost production by any more barrels than it is already pumping
Exports from the second-largest OPEC producer after Saudi Arabia declined in January because of bad weather, maintenance of export terminals, and technical issues, the official said
The International Energy Agency, this month, reported on a gap between its global inventory calculations and the actual inventory situation
In December, OPEC+ added 253,000 barrels daily to its combined production falling well short of its 400,000-bpd target.