Crude oil: Nigeria, 6 others drop in production, OPEC report says

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.

The information is contained in the OPEC Monthly Oil Market Report (MOMR) for May 2022, which was obtained by our correspondent in Abuja on Wednesday.

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.

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.