Nigerian oil output rises 252,800bpd in January

 Oil production in Nigeria increases by 252,800 barrels per day in January.
 Increased production comes amid the ongoing slump in crude oil prices.
 The government has also received a Japanese government grant to develop the electricity industry.
Nigeria’s crude oil output increased by 252,800 barrels per day in January, up from 1.697 million barrels per day in December, to 1.949 million barrels per day.
The increased output also boosted the total production of the Organization of Petroleum Exporting Countries (OPEC) in the month under review.
However, despite the rise in output, the price of Nigeria’s Bonny light still fell by $7.60 to $30.35 per barrel in January.
Total OPEC crude oil production in January averaged 32.33bpd, an increase of 131tbpd over the previous month.
Output increased in Nigeria, Iraq, Saudi Arabia and Iran, while production fell in Angola, Venezuela and Algeria.
Just yesterday, crude oil prices fell drastically again, after recording a slight increase for a few days.
West Texas Intermediate (WTI) declined by 6.26% to $27.94 while Brent crude oil dropped by $30.32 per barrel.

The price of OPEC basket of 13 crudes stood at $28.33 a barrel yesterday, compared with $29.00 the previous day.
The drop has been attributed to oversupply and the ongoing Chinese economic slowdown, compounded by seasonal heating demand amid a continuation of the previous month’s mild weather in key consuming regions.
The values of the West and Northern African light sweet Basket components − Saharan Blend, Es Sider, Girassol and Bonny Light − decreased in value by $7.60 to average $30.35 per barrel in January.
The increase in oil production comes after the Nigerian federal government reassured the Japanese government that it will spend a grant of 1.3 billion Yen (roughly N2.3 trillion) on boosting electricity supplies.
Minister of the Budget and National Planning, Senator Udoma Udo-Udoma, said the Nigerian government plans to continue cooperating with Japan on energy issues.
“The project aims to install Capacitor Banks in Apo and Keffi Substations in the Federal Capital Territory and Nasarawa state respectively and will contribute to stable power supply, decrease transmission loss and improve system reliability,” he said.
“I wish to assure the esteemed government of Japan that the electricity facilities being provided will be very well looked after.”