Nigeria’s Tumbling Oil Production Drags Total OPEC Supply Lower
- Militant attacks on oil installations lead to 10% drop in May
- Monthly OPEC production dipped by 120,000 barrels a day
Oil Producers Respond to Meet Demand on Prices Gain
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Rebel attacks on oil installations cut Nigeria’s production by 10 percent in May, contributing to a drop in monthly output from the Organization of Petroleum Exporting Countries, a Bloomberg News survey showed.
Nigerian production declined by 160,000 barrels a day to 1.45 million, according to the survey. OPEC’s total crude output fell to 32.71 million barrels a day last month, from a revised 32.83 million in April.