January 17, (THEWILL) – Nigeria’s oil output on a month-on-month (MoM) basis rose to 1.4 million barrels per day (bpd) in December 2023, the Organisation of Petroleum Exporting Countries (OPEC) disclosed in its Monthly Oil Market Reports (MOMRs) for January 2024.
This is a 7.7 per cent increase from 1.3 million bpd recorded in the preceding month of November 2023.
While the Oil cartel noted that the data were based on information from secondary sources, the report also disclosed that Nigeria remains the highest African oil-producing and exporting nation while Equatorial Guinea comes last with only 55,000 bpd.
It added that Nigeria can also produce between 300,000 and 400,000 bpd of condensate, light crude that attracts high prices like Bonny Light in the international market.
Meanwhile, OPEC, on Wednesday, said that global oil demand will grow by 2.2 million barrels a day, or mbd, in 2024 and 1.85 mbd in 2025.
Total world oil demand is anticipated to reach 104.4 mbd in 2024, OPEC said, boosted by strong air-travel demand and “healthy road mobility,” including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities in countries outside the Organization for Economic Cooperation and Development.
“Capacity additions and petrochemical margins in non-OECD countries – mostly in China and the Middle East – are expected to contribute to oil-demand growth,” OPEC said.
On the supply side, non-OPEC liquids production in 2024 is forecast to grow by 1.3 mbd to an average of 70.4 mbd, including 50,000 barrels a day in processing gains. The U.S., Canada, Guyana, Brazil, Norway and Kazakhstan are expected to be the main drivers.
In addition to the U.S. shale basins, which account for about 49% of expected non-OPEC liquids supply growth, offshore projects – mainly in Latin America, are expected to substantially support growth this year.
However, production is forecast to see the largest decline in Mexico and Angola.
