Nigeria’s Poor Oil Output will Impact OPEC+ Supplies.

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According to a Reuter article, Nigeria and Angola are to blame for the OPEC oil output being one million less than anticipated. Due to oil theft in the Niger Delta, Nigeria was unable to fulfill its 1.83 million barrels per day OPEC quota in the previous year.

While non-OPEC producers will continue to boost production in 2023, the predicted rise in supply of 1.44 million barrels per day is less than the 2.32 million barrels per day increase in global demand. After the OPEC announced additional production cutbacks of 1.16 mb/d to the already-in-place limitations, oil has risen to $85 per barrel.

Reuter.

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