BY KAYODE EKUNDAYO
Nigeria’s crude oil export reportedly dropped to 1.399 million barrels per day in June from 1,407 million barrels per day in May and 1,455 million barrels per day in April, according to the Organisation of Petroleum Exporting Countries (OPEC) report.
OPEC-13 crude oil production averaged 26.03 mb/d in June 2021, higher by 0.59 mb/d month-on-month.
Crude oil output increased mainly in Saudi Arabia, UAE, Angola, IR Iran and Kuwait, while production decreased primarily in Iraq, Nigeria and Gabon.
The report shows that Nigeria led other OPEC members in Africa. It was followed by Libya with 1.163m/bpd, Angola with 1.115m/bpd, Algeria, 903bpd, Congo, 265bpd, Equitorial Guinea, 110bpd and Gabon, 173bpd.
Meanwhile, demand for OPEC crude in 2021 remained unchanged from the previous month at 27.7 mb/d, around 5.0 mb/d higher than in 2020. Both 1Q21 and 3Q21 were revised down by 0.1 mb/d, while 4Q21 was revised up by 0.2 mb/d, compared to the previous assessment. 2Q21 remained unchanged.
When compared with the same quarters in 2020, demand for OPEC crude in 1Q21 and 2Q21 is estimated to be 3.8 mb/d and 10.1 mb/d higher, respectively. 3Q21 and 4Q21 are expected to see a rise of 3.6 mb/d and 2.5 mb/d, respectively, compared with the same quarters a year earlier. According to secondary sources, OPEC crude production averaged 25.1 mb/d in 1Q21, about 0.2 mb/d lower than demand for OPEC crude
In the 2Q21, OPEC crude production averaged 25.5 mb/d, 1.6 mb/d lower than demand.