Nigeria’s crude oil production rises by 281.7 bpd

No Comments » January 17th, 2014 posted by // Categories: Energy Development Project



 

GUARDIAN

Nigeria’s crude oil production rises by 281.7 bpd
Thursday, 16 January 2014 19:03 Written by By Roseline Okere
NIGERIA’S crude oil production in the month of December, 2013, increased by 281.7 barrels per day, the Organisation of Petroleum Exporting Countries (OPEC) has said in its January monthly report.

According to the report released yesterday by the oil cartel, the country’s crude oil production increased from the 1.6 million barrels per day it recorded in November to 1.9 million barrels in December, representing an increase of 281.7 barrels per day over the previous month.

Nigeria had recorded a decline in its crude oil production in the last six months mainly due to flood and pipeline vandalism.

Indeed, the country witnessed a decrease of 104.4 bpd in the country’s production for the period.

The report disclosed that the total OPEC crude oil production averaged 29.44 million per day in December, a decline of 20 thousand barrels per day over the previous month.

It added that crude oil output increased from Nigeria, Iran, Algeria, the UAE, Angola and Ecuador, while production fell in other member countries.

The oil cartel lowered its oil output further and is pumping less than this year’s global need for its crude, the exporter group said on Thursday, underlining the toll that outages in Libya and elsewhere are taking on production.

OPEC kept unchanged its global supply and demand forecasts, which point to a smaller market share for OPEC in 2014 due to increasing supply from non-OPEC countries.

OPEC projected a faster growth in 2014 of 3.5 percent, up from 2.9 percent in 2013 as monetary stimulus continues.

For now, OPEC expects demand for its crude oil in 2014 to average 29.58 million barrels per day (bpd), virtually unchanged from the previous estimate.

According to secondary sources cited by the report, OPEC lowered its own output to 29.44 million bpd in December, below this year’s forecast demand.

Also, Riyadh cut back its output to 9.62 million bpd in December, while Saudi Arabia told OPEC it raised supply to 9.82 million bpd.

It expects world consumption to rise by 1.05 million bpd in 2014, virtually unchanged and less than the increase in supply from countries outside the group.

Total developing countries oil output reached 12.09 mbpd in 2013, showing a decline of 30 tbpd, unchanged from the previous forecast.

On quarterly basis, total oil supply in developing countries estimated to average 12.13mbpd, 12.05mbpd, 12.04mbpd and 12.13mbpd, respectively.

Total developing countries oil supply is projected to grow by 0.26 mbpd to average 12.35 mbpd in 2014, representing a downward revision of 24 tbpd from the previous month.

This growth is supported mainly by Latin America, Africa and other Asia, while Middle East supply is seen to drop during the year. DCs’ oil production is estimated to decrease by 30tb/d in 2013, despite of an upward revision of 56 tb/d in the fourth quarter.

Growth in 2014 is expected after a significant decline in 2013, due mainly to political, technical and weather factors.

 

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