Crude oil
Crude oil

Central Bank of Nigeria, CBN economic report for the second quarter 2016 has stated that Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.54 million barrels per day mbd or 141.68 million barrels mb for the second quarter of 2016. This was contained in the second quarter economic report posted at the apex bank website.
CBN added that the report represented a decline of 0.37 mbd or 15.4 per cent, relative to 1.82 mbd or 165.62 million barrels produced in the first quarter of 2016. Crude oil export stood at 1.09 mbd or 100.28 mb. This represented a decline of 20.4 per cent, compared with 1.37 mbd or 124.67 mb, recorded in the preceding quarter. Supply disruptions owing to continued attacks on oil installations by vandals accounted for the decline in crude oil production. Deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrels during the review quarter.
At an estimated average of US$46.44 per barrel, the price of Nigeria’s reference crude, the Bonny Light (37º API), rose by 35.0 per cent, compared with the level in the preceding quarter. The average prices of other competing crudes, namely the the UK Brent at US$45.29/b, WTI at US$45.18/b and Forcados at US$46.05/b exhibited similar trends as the Bonny Light.
The average price of OPEC basket of eleven selected crude streams, at US$42.38 per barrel, indicated an increase of 40.5 per cent, compared with the average of US$30.16/b recorded in the preceding quarter. It, however, showed a decline of 28.5 per cent, compared with the average of US$59.31/b recorded in the corresponding quarter of 2015.


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