shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » OPEC Says Nigeria, 6 Others Drop In Crude Oil Production

OPEC Says Nigeria, 6 Others Drop In Crude Oil Production

by Ade
June 20, 2022
in Oil and Gas

The Organisation of the Petroleum Exporting Countries (OPEC), has released a fresh report on crude oil production of its member countries, indicating that six countries increased their crude oil output while seven countries declined in production.

OPEC 1

The information is contained in the OPEC Monthly Oil Market Report (MOMR) for May 2022, which was obtained in Abuja last week.

The report showed that crude oil output increased in Saudi Arabia, the United Arab Emirates, Kuwait, Angola, Algeria, Congo, while production in Libya, Nigeria, Iraq, Gabon, Venezuela, Iran and Equatorial Guinea declined.

It showed that total OPEC-13 crude oil production averaged 28.47 million barrels per day (mb/d) in May 2022, lower by 239,000 barrels per day (tb/d) month– on-month (m-o-m).

The report saw Saudi Arabia increasing output from 10,366 tb/d in April to 10,417 tb/d in May, UAE increased from 3,015 tb/d to 3,042 tb/d, while Kuwait jumped from 2,662 tb/d to 2687tb/d.

It further showed that Angola increased its crude oil output from 1,168 tb/d in April to 1,176tb/d in May, Algeria improved from 1,003 tb/d to 1,007tb/d, while Congo slightly moved up from 262tb/d to 268tb/d.

However, production in Libya declined from 914 tb/d in April to 725 tb/d in May, Nigeria’s output fell from 1,322 tb/d to 1,258 tb/d, while Iraq declined from 4,420 tb/d to 4,374tb/d.

Also, Gabon declined from 200tb/d to 169tb/d, Venezuela went down from 712tb/d to 711tb/d, while Iran and Equatorial Guinea declined from 2,564tb/d to 2,538tb/d and 96tb/d to 94tb/d respectively.

Read Also:  High Cost Of Diesel Responsible For Current Fuel Scarcity — NOGASA

On the world oil supply, the report said preliminary data indicated that global liquids production in May decreased by 0.22 mb/d to average 98.71 mb/d compared with April.

Non-OPEC liquids production (including OPEC Natural Gas Liquids (NGLs) is estimated to have increased in May by a minor 23 tb/d m-o-m to average 70.2 mb/d, but this was higher by 1.7 mb/d year-on-year (y-o-y).

“Preliminary estimated decreases in production during May were mainly driven by Canada and the UK by 0.4 mb/d, while Eurasia and Latin America are expected to have seen growth in liquids output of 0.4 mb/d”.

The share of OPEC crude oil in total global production decreased by 0.2 pp to 28.8 per cent in May compared with the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.

shippingposition

Kindly like us on Facebook


Related Posts

Removal Of Subsidy Will Free Country’s Economy From Bondage – NEITI

Removal Of Subsidy Will Free Country’s Economy From Bondage – NEITI

June 27, 2022
Scarcity: MOMAN Advocates Phased Deregulation Of Petrol

Scarcity: MOMAN Advocates Phased Deregulation Of Petrol

June 27, 2022
Algeria, Niger, Nigeria Revive Talks On Saharan Gas Pipeline

Algeria, Niger, Nigeria Revive Talks On Saharan Gas Pipeline

June 27, 2022
Kerosene, Gas Prices Rise 88% In One Year – NBS

Kerosene, Gas Prices Rise 88% In One Year – NBS

June 27, 2022

Latest News

Ahead Of September Take-off, First Vessel Berths At Lekki Deep Seaport

Ahead Of September Take-off, First Vessel Berths At Lekki Deep Seaport

July 2, 2022

Calabar Port Returns To Life As Vessel Berths After Three Years Of Inactivity

Apapa Customs Collects N522.4bn In Six Months

NIMASA Seeks Stakeholders’ Collaboration On Security

Niger Delta Group Hails Military Onslaught Against Oil Thieves

NEPC Trains 45 Newly Registered Non-Oil Exporters In Enugu

POF: APMT, WACT Begin Collection In Apapa, Onne Ports Today

At Last, Onitsha River Port Concessioned, Minister Says Port Will Generate Over N23 Billion In 30 Years

Military Recovers 3.8m Litres Of Crude Oil, Arrests 26 Thieves

Gbajabiamila Says NITTA Bill Will Address Road Carnages

Navy Hands Over 677 Drums Of Adulterated Petrol To NSCDC

Ship Disruption May Push Inflation Higher Says UN

kindly like our Facebook page

Health

WATCH IT!: Sitting Too Long Could Increase Risk Of Heart Disease, Early Death
Health

WATCH IT!: Sitting Too Long Could Increase Risk Of Heart Disease, Early Death

June 27, 2022

A new study has indicated that sitting down for more than eight hours in a day could increase the risk...

Beware: Food Vendors Using Transformer Oil To Cook!

Beware: Food Vendors Using Transformer Oil To Cook!

June 27, 2022
World Cup Public Viewing Can Spread COVID-19 Faster, Virologist Warns

World Cup Public Viewing Can Spread COVID-19 Faster, Virologist Warns

June 20, 2022
US Panel Recommends COVID-19 Vaccines For Youngest Children

US Panel Recommends COVID-19 Vaccines For Youngest Children

June 20, 2022
Red Alert: Monkeypox Spreads To 15 States, Cases Now 36 – NCDC

Red Alert: Monkeypox Spreads To 15 States, Cases Now 36 – NCDC

June 20, 2022
WHO To Assess Monkeypox As International Health Emergency

WHO To Assess Monkeypox As International Health Emergency

June 20, 2022
ECOWAS Cautions Member States’ Citizens On Monkeypox

ECOWAS Cautions Member States’ Citizens On Monkeypox

June 20, 2022
COVID Vaccine Rights Waiver Within Reach – WTO Chief

COVID Vaccine Rights Waiver Within Reach – WTO Chief

June 13, 2022
Astrazeneca Says Evusheld ‘Significantly’ Cuts Risk Of Severe COVID

Astrazeneca Says Evusheld ‘Significantly’ Cuts Risk Of Severe COVID

June 13, 2022
WHO Warns Of ‘Real’ Monkeypox Risk As Outbreak Tops 1,000 Cases

WHO Warns Of ‘Real’ Monkeypox Risk As Outbreak Tops 1,000 Cases

June 13, 2022
Top 6 Ways to Detox Your Body!

Top 6 Ways to Detox Your Body!

June 13, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition