Nigeria?s oil production hit three year high

Production climbed to 2.18 million barrels per day

Nigeria hit its highest crude oil production since 2010 in August, the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report reveals.

Oil production from Nigeria climbed to 2.18 million barrels per day; higher than the 2010 and 2011 averages of 2.06 and 2.11 million barrels per day, respectively, OPEC?s Oil Market Report, released on Tuesday said.

OPEC, which supplies 40 per cent of the world?s oil, also recorded a boost in its crude oil production in August on increased production from  Angola, Nigeria, and Libya.

The increase from these countries saw OPEC?s oil production climb to 31.41 million barrels per day from 31.16 million the previous month.

On monthly review, Nigeria?s crude oil production climbed to 2.18 million barrels per day, from  2.13 million in July. Nigeria pumped 254,000 barrels more daily in August as the country continues to convalesce in its oil sector.

Angola?s output rose to 1.85 million barrels a day, OPEC?s report, which cites secondary sources for its information, reported.

OPEC?s preliminary figures show that world oil supply averaged 89.80 million barrels daily in August, an increase of 0.30 million from the previous month. 

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