Libya is targeting production of 900,000 barrels per day by the end of this year while Nigeria is hoping just to keep pace with last year’s output after a spate of rebel attacks ravaged oil facilities there.
“Nigeria has had much less success in recent months. S&P Global Platts puts Nigeria’s January production at just 1.65 mb/d, roughly flat compared to 2016 levels and down sharply from 2015. In fact, 2016 was a horrific year for Nigeria. While the country has long suffered from theft, sabotage, and a growing internal security threat from a variety of militant groups in both the north and in the Niger Delta, 2016 proved to be a low point,” according to OilPrice.com.
OPEC and Russia have in all cut at least 1.1 million barrels per day in production so far. However, Societe Generale oil analyst Michael Wittner said U.S. shale output was rebounding faster than expected as more rigs drilled better and more efficient wells more quickly.
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