Nigeria reviews 8 oil rigs in October –OPEC

Eight oil drilling rigs operated in Nigeria in October as towards seven withinside the preceding month, the Organisation of Petroleum Exporting Countries has said.

In its brand new OPEC Monthly Oil Market Report for November 2022, the business enterprise said that an extended rig depend changed into recorded in Nigeria in October.

It, however, stated that this got here as oil-generating countries witnessed decrease respectable promoting fees and weaker crude differentials for a few grades, which ended in decrease OPEC Reference Basket values in October.

Data from the worldwide oil cartel confirmed that the ORB fell by $1.70 month-on-month, or 1.eight in step with cent, to face at $93.62/barrel.

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