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06/18/2007
General Interest - Quick TakesNigeria’s May production lowest since 2003Violence pulled Nigerian oil production in May to its lowest level since early 2003, according to the International Energy Agency’s June Oil Market Report.IEA estimated average production during the month at 2.01 million b/d, down 245,000 b/d from April.Production shut-ins in May reached a high of nearly 1 million b/d and averaged more than 800,000 b/d for the month.IEA estimates Nigerian production capacity at 2.49 million b/d, excluding 545,000 b/d considered long-term shut-in.During May, the agency said, attacks on offshore vessels and onshore pipelines and pumping stations caused these production cuts:...
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