Nigeria’s oil output fell by 9% to 1.2 million barrels per day (mb/d) in October 2021, down from 1.3 mb/d in the same period of 2020.
The Organization of Petroleum Exporting Countries (OPEC) announced this in its Oil Market Monthly Report (OMMR) for November 2021.
Meanwhile, the price of Bonny Light in the United States has plummeted to $83.78 per barrel, down from $85 in September 2021.
The oil production figures were based on information gained through direct communication, according to OPEC. However, the new output did not include condensate, which Nigeria can produce at a rate of 300,000 to 400,000 barrels per day.
Commenting on global oil demand, OPEC stated: “World oil demand growth is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d. Revisions were mainly to account for slower than anticipated demand from China and India in the third quarter of 2021, 3Q21. Global oil demand is now estimated to reach 96.4 mb/d in 2021.
“For 2022, growth in global oil demand remains unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d. World total demand in 2022 is now estimated to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels.
“Marginal upward revisions in Organisation for Economic Co-operation and Development, OECD Europe, due to better economic views in some European countries, were offset by softer growth in industrial fuel demand, in OECD America and Latin America.”
On supply, the organisation stated: “Non-OPEC liquids supply is expected to grow by 0.7 mb/d in 2021, unchanged from last month’s assessment, to average 63.6 mb/d. This is despite a marginal upward revision of 0.02 mb/d from the US, Canada, and Mexico, which were offset by a similar downward adjustment in the non-OECD. The main drivers of 2021 supply growth continue to be Canada, Russia, China, Norway, Brazil and Guyana.”
“The forecast for non-OPEC liquids supply growth in 2022 is also unchanged at 3.0 mb/d to average 66.7 mb/d. Russia and the US are expected to be the main drivers of next year’s growth, contributing increments of 1.0 mb/d and 0.9 mb/d, respectively, followed by Brazil, Canada, Kazakhstan, Norway, Guyana and other countries in the Declaration of Cooperation, DoC.”
Nigeria’s oil quota was recently increased by OPEC and non-OPEC ministers to 1.666 million barrels per day (mb/d) in December, up from 1.649 million bpd in November 2021.
On Thursday, November 4, 2021, the 22nd OPEC and non-OPEC Ministerial Meeting, held by videoconference, reached a decision.
