Nigeria's oil production to decline by 70,000 barrels per day

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A report has it  that West Africa oil producers like Nigeria and Angola may be forced to cut prices to sell barrels, with low prices, oversupply and high stocks projected to prevail until at least early-2017.


Europe is expected to remain the main demand outlet for WAF crude, but imports of African crude to Europe are set to decline by 500,000 bpd accounting for 2.2 million bpd in 2021.

According to IEA, oil price collapse was causing "particular pain" for Africa's two largest oil producers Nigeria and Angola, as oil output is expected to slow down along with declining state revenues.
The report also said that by 2021, the Dangote refinery project in Nigeria is expected to start-up, which will process Nigerian crudes and thus reduce the volumes for export.

Africa will observe the steepest absolute decline by a major crude exporting region, with regional crude production set to decline by 400,000 bpd mainly due to fall in output in Nigeria, Algeria and Angola, it said.

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