NIGERIAN CUT BRINGS OPEC OUTPUT UNDER QUOTA

A sharp fall of 300,000 b/d in Nigerian crude oil output has slashed overall production by the Organization of Petroleum Exporting Countries to less than official ceiling levels. Middle East Economic Survey reported the drop in Nigerian output owing to a massive oil workers' strike helped bring total production down to an average 24.45 million b/d in August. OPEC's current official production quota, set in September 1993 and rolled over again in June, is 24.52 million b/d.

Sept. 12, 1994

2 min read

A sharp fall of 300,000 b/d in Nigerian crude oil output has slashed overall production by the Organization of Petroleum Exporting Countries to less than official ceiling levels.

Middle East Economic Survey reported the drop in Nigerian output owing to a massive oil workers' strike helped bring total production down to an average 24.45 million b/d in August. OPEC's current official production quota, set in September 1993 and rolled over again in June, is 24.52 million b/d.

OPEC July production averaged 24.69 million b/d. MEES said Nigeria's output fell from 1.92 million b/d before the strike to 1.78 million b/d in July and 1.47 million b/d in August. Iran's crude oil production climbed to 3.58 million b/d in August from 3.51 million b/d, although this was still below the country's OPEC quota. MEES said Iran produced an average 3.56 million b/d the first 8 months of 1994. This may indicate Iran's sustainable productive capacity may not exceed 3.6 million b/d.

Third quarter OPEC production to date has averaged 24.57 million b/d, said MEES. This is less than the minimum of 24.8 million b/d generally expected and relates to a projected third quarter call on OPEC supply of 24.2 million b/d.