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[Published: Tuesday June 23 2009]

Nigeria Misses OPEC Quota

Abuja, 23 June-(ANA)-The Central Bank of Nigeria (CBN) has confirmed a drop in Nigeria’s crude oil export, owing to the rising violence in the oil-rich Niger Delta.

Indications have emerged that Nigeria may find it difficult to meet its  Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.67 million barrel per day (bpd), following renewed unrest in the Niger Delta region.

The country’s production level, which has hovered around 1.2 million barrels per day (bpd) since last month,  has dropped to about 1 million bpd.

In its quarterly economic report released yesterday said crude oil exports were estimated at 1.23 million bpd, down from 1.42 million in the preceding three months.

The report said Nigeria’s oil production, including condensates and natural gas liquids was estimated at 1.68 million bpd in the first quarter, compared to 1.87 million bpd in the preceding quarter.(ANA)

FA/ANA/23 June 2009---


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