Output in Nigeria sinks to fresh lows

Nigeria

ABUJA, May 10, 2016 – Nigerian oil production has hit a nine-year low, local media reported on Tuesday. A string of attacks in recent days, including last week’s hit on Chevron’s offshore Okan facility, have reduced output to some 1.69 million bopd.

On Monday, Chevron said it was losing some 35,000 bopd in production as a result of the attack, pushing Nigeria’s output close to levels last seen in 2007, when the country produced 1.68 million bopd.

Nigeria’s 2016 budget, signed into law by President Muhammadu Buhari on May 6, assumes production of 2.2 million bopd and an oil price of USD 38 per barrel.

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