Nigeria Boosted OPEC Oil Output by 50,000 bpd in June, Survey Finds
OPEC oil output rose in June for a second consecutive month, a Reuters survey has found, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance.
The Organisation of the Petroleum Exporting Countries (OPEC) pumped 26.70 million barrels per day (bpd) last month, up 70,000 bpd from May, according to the survey based on shipping data and information from industry sources.
The increase comes despite OPEC+, which comprises OPEC and allies such Russia, deciding last month to extend most of its output cuts until the end of 2025 to bolster the market in the face of tepid demand growth, high interest rates and rising US production.
Nigeria raised output by 50,000 bpd and there were smaller increases from Iran and Algeria as oilfield maintenance was completed. The largest drop, of 50,000 bpd, was in Iraq, though the country is still exceeding its OPEC+ target.
OPEC pumped about 280,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows – such as Petro-Logistics and Kpler – and information provided by sources at oil companies, OPEC and consultants.
The cuts by OPEC and its partners, spearheaded by group leader Saudi Arabia, have had some success in balancing global markets against a tide of new supplies from the US and other parts of the Americas. Brent crude futures are trading near $87 a barrel, close to the highest in almost two months.
The recovery — while potentially painful for consumers still reeling from years of inflation — should bolster revenue for OPEC+ members, who largely rely on petroleum sales to cover government spending.
NNPC/SPDC JV Donates ICT Centre to Bauchi Varsity
Business
The Nigerian National Petroleum Company Limited (NNPC) and Shell Petroleum Development Company (SPDC), through its Joint Venture (JV) partnership, have reiterated their commitment to impact on lives through sustainable development projects in Nigeria.
This was disclosed by the two companies during the commissioning of an Information and Communications Technology (ICT) centre at the Bauchi State University, Gadau (BASUG), built by the JV.
Speaking during a commissioning ceremony held at the university in Gadau, Bauchi State, NNPC Limited’s Chief Upstream Investment Officer (CUIO) Mr. Bala Wunti said corporate social responsibility has always been the hallmark of the NNPC-SPDC JV CSR commitments.
“Today’s historic commissioning of this ultra-modern ICT centre at the BASUG is a testament to the positive and sustainable impact of the oil and gas industry on Nigerians,” Wunti, who was represented by the Head, Business Services, NUIMS, Mr. Sani Kabo, said.
He observed that for several decades, the JV has consistently invested in impactful CSR initiatives across the length and breadth of the country.
Wunti further noted that the successful completion of the ICT centre exemplifies NNPC Ltd.’s commitment to contributing to sustainable development, improving access to quality education and fostering innovation in Nigeria.
While commending the impact of the JV on the community, Wunti also thanked the locals for their tremendous support and hospitality towards the project.
He called for continuous support from the Bauchi and Gombe State governments, traditional institutions and members of the various host communities in the area especially towards the Kolmani Integrated Development Project.
On his part, the Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor described the commissioning as another crucial social investment project completed by the JV in the North-East Nigeria.”
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