Survey NEWS

The latest monthly Reuters survey has shown that the Organisation of Petroleum Exporting Countries (OPEC) continued to raise its oil production in November under the OPEC+ deal, but the cartel continued to pump less crude than its share of the monthly increase, just as Nigeria witnessed an increased production. Nigeria’s production had been challenged until last month when Shell Petroleum Development Company of Nigeria (SPDC) lifted force majeure on crude exports from Bonny Light terminal following repairs to a leaking pipeline. Operational issues have hampered Nigeria’s crude production throughout the second half of this year, with disruption at several other terminals including Qua Iboe, Forcados, Erha and Brass River.