Nigeria Oil Output Rises Amid Global Market Shifts

This increase follows OPEC’s production cuts and improved compliance with output restrictions.

Crude stockpiles declined by 4.7 million barrels in the latest week, representing a seventh consecutive weekly drop. Industry data indicates stronger adherence to OPEC’s output curbs than anticipated.

Oil prices extended gains to $68.26 per barrel, reflecting a 12 percent annual rise driven by reduced global supply and OPEC’s output reductions.

Libya’s production fell by 30,000 barrels per day due to a pipeline incident, while Nigeria offset this decline with higher output levels.

Crude stockpiles decreased by 4.7 million barrels in the latest week, marking a seventh consecutive decline amid stronger compliance with OPEC production cuts.

Oil prices climbed to $68.26 per barrel, extending gains from the highest level in three years due to reduced global supply and OPEC’s output reductions.

Libya’s output dropped 30,000 barrels daily after a pipeline blast, while Nigeria’s production increase partially offset this decline in regional supply.