Flooding Brings Nigerian Oil Output Down by 500,000 Barrels a Day

Bloomberg reported that in the last couple of weeks, Nigeria’s oil output has declined from 2.6 million barrels a day to 2.1 million as a result of flooding of the oil fields on its Niger River delta.

As quoted in the market news:

Output is gradually being restored to 2.3 million barrels as the water recedes and producers reopen wells and other affected facilities, he said.

“A lot of oil firms were hit; actually some companies were completely out,” Olorunsola said yesterday. “Even the big players got seriously hit. Total SA (FP) was completely out in Oil Mining Lease 58, which produces 90,000 barrels. Agip was seriously hit at Obiafo, Mbede and Oguta fields.”

Click here to read the full Bloomberg report.