As Nigeria’s recovery in crude oil production is close to reaching its full potential, further gains are however being threatened by the country’s inclusion in the OPEC production cut agenda.
BMI Research, a unit of Fitch Group, has premised its 2017 forecast on a bounce back in production and could remain unchanged at 2.14 million barrels per day.
Nigeria’s production recovery combined with stronger production from Libya has put pressure on the OPEC output cut, undermining its effectiveness.
The report said due to the stabilising output from both countries it is a rising possibility that one or both will be asked to participate in the effort to rebalance the oil market.
