How Nigeria Contributed to Rise in Global Oil Price – IEA

The fall in oil production in Nigeria for the month of February is partly responsible for the rise in the price of crude oil in the international oil market.

This is according to the Oil Market Report (OMR) of the International Energy Agency (IEA) for the month of March.

The report also listed Iran and the United Arab Emirates (UAE) as the other countries that helped to boost oil price through reduced output. It said Iran’s return to the market had been less dramatic than the Iranians said it would be.

“In February we believe that production increased by 220 kb/d and, provisionally, it appears that Iran’s return will be gradual,” the report stated.

The IEA in the report, stated that global oil supplies eased by 180 000 barrels per day (180 kb/d) in February, to 96.5 million barrels per day (mb/d), on lower OPEC and non-OPEC output.

“But production stood 1.8 mb/d above a year earlier, as a slight decline in non-OPEC was more than offset by OPEC gains. Non-OPEC production in 2016 is estimated to fall by 750 kb/d, to 57.0 mb/d, 100 kb/d less than foreseen in last month’s Report.

-allafrica