RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Energy

OPEC – Nigeria’s oil production decreases to 972 tb/d

Production declines by 112 tb/d

Rate Captain by Rate Captain
September 19, 2022
in Energy
Reading Time: 2 mins read
A A
0
OPEC – Nigeria’s oil production decreases to 972 tb/d
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria’s crude oil production slid to 972 thousand barrels per day (tb/d) in August 2022, dropping by 112 tb/d as crude oil theft cause a massive erosion of the country’s production capacity, weighing on the nation’s oil revenue. 

This is according to the OPEC Monthly Oil Market Report (MOMR) – September 2022.

AlsoRead

Consumer loans hit N2.4trn in Q1, 2023

Tinubu and ExxonMobil Forge New Investment Path for Nigeria’s Oil & Gas Sector

Dangote Refinery to Commence Diesel, Jet Fuel Operations in October 2023

The Organization of Petroleum Exporting Countries (OPEC), expects world oil demand growth to remain unchanged from the previous month’s evaluation of 3.1 mb/d for 2022, due to the recently observed swing for additional oil demand growth as fuel switching in power generation takes the stage. The international organization projects a 1.6 mb/d oil demand growth in 2022 in the OECD, while non-OECD growth is estimated at 1.5 mb/d.

Despite OPEC’s consistently strong crude oil demand projections, Nigeria’s production has been taking a downturn. Crude oil production in Nigeria fell from about 1.4 million barrels per day (mb/d) to 1.3 mb/d at the beginning of 2021. It further dropped to 1.2mb/d in Q1 2022 and is now a staggering 972 tb/d.

By 2023, world oil demand growth is estimated to remain stable at the previous month’s 2.7 mb/d forecasts as positive economic performance in major consuming countries, anticipated improvements in COVID-19 restrictions and reduced geopolitical tensions are expected to support oil demand. The OECD is expected to tick up slightly by 0.6 mb/d and the non-OECD by 2.1 mb/d.

OPEC also stated that the recovery in transportation and firm industrial fuel demand, including petrochemical is expected to drive oil demand growth in the non-OECD, with China and India having the largest growth demand. It noted that “Other regions such as Other Asia, Latin America, and the Middle East are also expected to see decent gains, supported by a positive economic outlook. In terms of fuels, gasoline and diesel are assumed to lead oil demand growth next year.”

In 2023, expectations for healthy global economic growth, combined with anticipated improvements in the containment of COVID-19 in China, are expected to boost oil consumption. The demand outlook for 2023 remains at 2.7 mb/d, unchanged from the last MOMR, and reaches 102.73 mb/d.

Supply Side
In August, crude oil production by OPEC-13 increased by 618 tb/d m-o-m to average 29.65 mb/d, according to the secondary sources available to OPEC.

Meanwhile, the share of OPEC crude oil in total global production increased to 29.3% in August compared with the previous month’s 28.7%.

An increase to 29.3% contribution to global production by OPEC-13 coming after a decline the previous month, though not very significant, is still commendable given the economic realities that affect the market.

 
What you should know
The OPEC monthly oil market report suggests a still strong oil demand growth for the rest of 2022 and the demand is expected to stabilize in 2023. This represents an opportunity for a windfall gain for Nigeria if it can mop up the problem of oil theft that has been a serious impediment to the nation’s oil sector.

Additionally, a complete shut-off of Russian gas to Europe will significantly raise Nigeria’s revenue as Europe is seeking an alternative supply for Kremlin’s gas. Nigeria’s Minister of State Petroleum Resources, Mr. Sylva Timipre has also disclosed Nigeria’s plan to commercialize gas flaring; a move that will add up to $1 billion to government annual revenue.

Previous Post

Bitcoin crashes to it’s lowest point this year

Next Post

Nigeria’s Total Public Debt Stock Surges to N42.84 Trillion – DMO

Related News

Consumer loans hit N2.4trn in Q1, 2023

Consumer loans hit N2.4trn in Q1, 2023

by Stephen Akudike
September 20, 2023
0

According to the latest quarterly economic report released by the Central Bank of Nigeria (CBN), consumer credit in Nigeria experienced...

Tinubu and ExxonMobil Forge New Investment Path for Nigeria’s Oil & Gas Sector

Tinubu and ExxonMobil Forge New Investment Path for Nigeria’s Oil & Gas Sector

by Stephen Akudike
September 20, 2023
0

President Bola Tinubu of Nigeria has reaffirmed his commitment to revitalizing Nigeria's oil and gas industry during a meeting with...

Dangote Refinery to Commence Diesel, Jet Fuel Operations in October 2023

Dangote Refinery to Commence Diesel, Jet Fuel Operations in October 2023

by Victoria Attah
September 19, 2023
0

The highly anticipated Dangote Refinery is gearing up to commence its diesel and jet fuel refining operations in October 2023,...

Electricity Tariffs Skyrocket to N10,000 for 100 Units- Expert

Nigeria Faces Widespread Blackout as National Grid Collapses

by Victoria Attah
September 14, 2023
0

In a shocking turn of events, Nigeria was plunged into darkness as the national power grid experienced a complete collapse...

Next Post
Nigeria’s Total Public Debt Stock Surges to N42.84 Trillion – DMO

Nigeria’s Total Public Debt Stock Surges to N42.84 Trillion - DMO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

September 22, 2023
NGX Appoints an Advisory Panel on Digital Technology Products.

NGX Reports 98% Surge in Trade Volume as Investors Lose N35 Billion

September 22, 2023

Popular Story

  • Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    0 shares
    Share 0 Tweet 0
  • Nigerian Naira Hits Record Low at 980/$: BDC Operators Condemns Situation

    0 shares
    Share 0 Tweet 0
  • NNPC Increase Pump price to N617 Per Litre Amidst Economic Hardship

    0 shares
    Share 0 Tweet 0
  • The Fate of Bureau De Change Companies in Nigeria Following Exchange Rate Unification.

    0 shares
    Share 0 Tweet 0
  • Access Bank Invites Applications for 2023 Entry Level Trainee Program in Technology

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>