Nigeria’s rig count drops by six
Nigeria’s oil production has recently declined according to the latest data from the Organization of Petroleum Exporting Countries (OPEC).
The country’s drop from 34 in October to 28 in November, and Kuwait’s figure of 44 from 50 in October, is recorded as the highest decline among the members of OPEC.
According to a report by Vanguard, OPEC will embark on a 800 000 barrels per day production cut for the next six months, with Nigeria contributing about 40, 000 barrels.
Reports show that only three OPEC members have recorded upward figures; namely Ecuador, Angola and Iraq, with Ecuador being the being the leader of the pack.