Nigeria’s rising oil production increases OPEC output to one-year high

Surging oil production in Nigeria led output from the Organisation of Petroleum Exporting Countries (OPEC) to a one-year high in August, a Bloomberg survey showed.

Production by the 12-member OPEC rose by 891,000 barrels per day (bpd) to 31.033 million, according to the survey of oil companies, producers and analysts.

Last month’s total was revised 80,000 bpd lower to 30.142 million because of changes to the Nigerian and Iranian estimates.

Nigeria, Saudi Arabia and Angola led gains as new deposits came online, security improved and field maintenance programmes ended. Iran and Venezuela were the only

OPEC sees decline in demand for crude oil from Nigeria, others in 2015

The Organisation of Petroleum Exporting Countries (OPEC) has cut its forecast of demand for crude oil from the 12-member oil cartel next year by 300,000 barrels per day (bpd), against the backdrop of surging supply from non-OPEC producers, particularly the United States (US).

The US overtook Saudi Arabia and Russia to become the world’s biggest producer of oil as extraction of energy from shale rock strengthens the nation’s economy, Bank of America Corporation said in a report last week.

With efforts towards lifting the almost 40-year-old ban on crude oil exports in the US gaining traction, Nigeria and other oil-exporting West African countries stand to