Nigerian crude oil output slipped by 70,000 bpd, last month, as exports of Bonny Light crude were under force majeure for part of the month, even as traders said loadings of some other grades, including Qua Iboe and Forcados, also faced delays. This came as oil prices yesterday tended toward $70 per barrel, facilitated by the ongoing Organisation of Petroleum Exporting Countries, OPEC-led efforts to cut supplies. Oil OPEC had announced a production target of 32.50 million bpd, reducing output by about 1.2 million bpd until March 2018 based on low figures for Libya and Nigeria.
The target includes Indonesia, which has since left OPEC, and does not include Equatorial Guinea, the latest country to join. Findings show that, Brent crude futures, at the international benchmark for oil prices, stood at $61.34 dollars per barrel, while the U.S. West Texas Intermediate, WTI, crude stood at $54.04 per barrel. OPEC is scheduled to meet officially at its headquarters in Vienna, Austria, on November 30, 2017. Meanwhile, OPEC Secretariat calculations put the price of OPEC basket of 14 crudes at $58.27 a barrel, on Monday, compared with $57.55 the previous Friday. “The OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).”