By Ediri Ejoh with Agency report
Despite recent improvements in crude oil trade at the International market, Nigeria, Angola, Iraq and other OPEC countries, recorded a fall in oil output by 300,000 barrels per day, bpd, in November. OPEC The fall, according to Reuter’s survey, was the Organisation’s lowest since May this year.
The survey attributed the fall to pressure by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involuntary declines. According to the survey, the output in November was at an average of 32.35 million bpd, about 600,000 bpd above the target adjusted to remove Indonesia and not including Equatorial Guinea.
OPEC’s adherence to pledged supply curbs rose to 112 percent from October’s 92 percent, the survey indicated. At its recent meeting, the Organisation of Petroleum Exporting Countries, OPEC reviewed the oil market outlook for the remainder of 2017 and 2018. It observed that global economic growth forecasts had improved since May, with expectations for both 2017 and 2018 now at 3.7%.
The organisation also noted that, global oil demand has been robust with upward revisions since May, with oil demand growth now standing above 1.5 million barrels a day (mb/d) for both 2017 and 2018.
Niger Delta sabotage cuts OPEC output January 5, 2017 OPEC oil output rises by 88,000 bpd in September October 12, 2017 Nigeria posts biggest decline as OPEC output falls By Sebastine Obasi, with agency report ABUJA— NIGERIA recorded the biggest oil production decline among Organisation of Petroleum Exporting Countries, OPEC, members last December, as output dropped by 200,000 barrels to 1.45 million barrels per day, bpd, industry sources said. This is even as OPEC’s crude production fell by 310,000
Source: The Vanguard Nigeria