By Modupe Gbadeyanka
The Organisation of the Petroleum Exporting Countries (OPEC) has disclosed in its monthly oil market report that Nigeria’s crude oil production has reached 1.385 million barrels per day (bpd).
In the report released on Wednesday, OPEC said this showed an increased of 280,700 barrels per day (bpd) from the 1.104 million bpd Nigeria recorded in August to 1.385 million bpd in September.
OPEC explained that Nigeria’s crude oil production averaged 33.39 million bpd in September, an increase of 0.22 million bpd over the previous month.
According to the report, crude oil production in Saudi Arabia showed the largest drop, while from Iraq, Nigeria and Libya experienced hike.
It disclosed that in 2017, demand for OPEC crude is forecast at 32.6 million bpd, a rise of 0.8 million bpd over the current year, noting that the demand for OPEC crude in 2016 was estimated to stand at 31.8 million bpd, an increase of 1.8 million bpd over last year.
“World oil demand growth in 2016 was adjusted marginally higher by 10 tbpd, to account for upward revisions in Organisation for Economic Co-operation and Development (OECD), Europe, Asia Pacific and Other Asia outpacing downward revisions in OECD America, Latin America and the Middle East.
“As a result, 2016 world oil demand growth currently stands at 1.24 mbpd, leading to total global consumption of 94.40 mbpd.
In 2017, world oil demand growth was kept relatively unchanged from last month’s MOMR at 1.15mbpd with total global consumption assumed at 95.56 mbpd,” the report disclosed.