Nigeria sees oil rig count decline by 6, as OPEC’s reduces by 11

At a time the oil cartel, the Organisation of Petroleum Exporting Countries, OPEC, embarked on an 800,000 barrels per day production cut for the next six months, with Nigeria contributing about 40,000 barrels, the country’s rig count took a nosedive by 6, as it recorded 28 in November as against 34 recorded in October, latest data from OPEC showed.

Nigeria’s decline figure, which tallies with Kuwait’s, remains the highest among members of OPEC. Kuwait reported 44 in November as against 50 reported in October.

OPEC also showed a rig count decline of 11, having reported 557 in November, as against 568 reported on October, while the world rig count also suffered a decline by five going by its 2,350 figure in November as against 2,355 reported the previous month.

Source: Vanguard