“Based on current NNPC data, Nigeria reduced its current production in May 2020 to 1.613m b/a.” Nigeria OilProduction
Although analysts had predicted an inventory build of 3.038 million barrels, the lower draw also pushed Nigeria’s Brass River crude grade to $40.18, Qua Iboe settled at $40.18, while Bonny Light was trading at $37.89 per barrel in the early hours of yesterday.
The API reported a build of 1.706 million barrels of gasoline for week ending May 29, compared to last week’s 1.120-barrel build. This week’s draw compares to analyst expectations for a 1.0 million-barrel build for the week. Meanwhile, State Minister of Petroleum Resources, Timipre Sylva, has said Nigeria fully implemented OPEC+ alliance in April 2020 to bring into effect the agreement to cut 9.7 mbd that would ameliorate the current situation caused by the Covid-19 pandemic.
According to him, the development represents compliance of about 52 per cent as opposed to the 19 per cent reported by some international media.
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