Nigeria’s crude oil production slide from 1,925 million barrels per day (bpd) it recorded in October to 1,821 million bpd in November this year, representing a decrease of 104.4 bpd in the country’s production for the period under review.
This was contained in the monthly report of the Organisation of Petroleum Exporting Countries (OPEC) December edition released Wednesday.
The report said OPEC reduced crude production in November to the lowest level in more than two years as output dropped below the organization’s 30 million barrel-a-day ceiling for a third month.
“Output from Saudi Arabia fell to a five-month low of 9.63 million barrels a day last month from 9.71 million in October, according to OPEC’s monthly report. Production also dropped in Libya, Nigeria, the United Arab Emirates, Algeria, and Kuwait, while supplies climbed in Iraq, Iran, and Angola.”
According to OPEC, it pumped 29.63 million barrels last month compared with 29.83 million in October.
The report kept unchanged forecasts that point to a smaller share of the world oil market for OPEC in 2014 due to increasing supply from the United States, in the midst of a shale energy boom, and other non-OPEC countries.
OPEC natural gas liquids (NGLs) and non-conventional oils are expected to increase by 0.24 mbpd in 2013 to average 5.80 mbpd. In 2014, OPEC NGLs are forecast to grow by 0.15 mbpd over the current year to average 5.95 mbpd.
Africa’s oil supply is predicted to average 2.41 mbpd in 2013, an increase of 0.11 mbpd from the previous year, remaining unchanged from the last MOMR. South Sudan and Sudan’s oil supply is forecast to increase by 0.11 mbpd in 2013 to average 0.23 mbpd, unchanged from the previous month.
Supply forecasts for the other countries in the region remained more or less steady from the previous monthly reports.
It stated: “During the first three quarters of this year, Africa’s supply increased by 80 tbpd compared with the same period in 2012. On a quarterly basis, supply in 2013 is seen to stand at 2.30 mbpd, 2.42 mbpd, 2.45 mbpd and 2.49 mbpd, respectively”.
Developing country (DC) total oil supply is estimated to decline by 30 tbpd in 2013 compared with the previous year to average 12.09 mbpd, the lowest level since 2007; this represents a downward revision of 55tbpd from the previous reports.
The downward revision came from Latin America, Other Asia and Middle East supply, while projections for Africa production remained steady.
The Middle East is expected to have the highest decline in supply among the DCs with a drop of 0.12 mbpd, followed by other Asia at 90 tbpd in 2013, from the previous year.
It noted: “Africa is currently expected to be the region with the highest supply growth among DC regions at 0.11 mbpd, followed by Latin America at 70 tbpd.
“The DC supply forecast experienced various downward revisions, mainly due to delays as well as technical and political factors. DC production is expected to experience a minor increase in the fourth quarter from the third, supported by expected growth from Africa. During the first three quarters of 2013, DC production averaged 12.09 mbpd”.
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