In October 2020, The Organization of Petroleum Exporting Countries (OPEC) reported Nigeria’s oil supply to be 1.3 million barrels per day. Recent report by OPEC in November 2021, say the figure from last year dropped by 9% meaning the supply of Nigeria’s oil is now 1.2 million barrel per day. Also, the price of the nation’s Bonny Light dropped to $83.78 from $85 per barrel. OPEC released this data during its oil market monthly report.
The Big Picture.
Commenting on global oil demand, OPEC stated: “World oil demand growth is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d. Revisions were mainly to account for slower than anticipated demand from China and India in the third quarter of 2021, 3Q21. Global oil demand is now estimated to reach 96.4 mb/d in 2021. “For 2022, growth in global oil demand remains unchanged compared to the previous month’s assessment, to stand at 4.2 mb/d. World total demand in 2022 is now estimated to reach 100.6 mb/d, around 0.5 mb/d above 2019 levels.”
On supply, the organization stated: “Non-OPEC liquids supply is expected to grow by 0.7 mb/d in 2021, unchanged from last month’s assessment, to average 63.6 mb/d. This is despite a marginal upward revision of 0.02 mb/d from the US, Canada, and Mexico, which were offset by a similar downward adjustment in the non-OECD. The main drivers of 2021 supply growth continue to be Canada, Russia, China, Norway, Brazil & Guyana.
