By Udeme Akpan
Nigeria oil output has risen from 1.7 million barrels per day, mbpd, in March to 1.8 mbpd in April, 2019, indicating an increase a 5.3 percent improvement, month-on-month.
In its market report obtained by Vanguard yesterday, the Organisation of Petroleum Exporting Countries, OPEC, indicated that its report was based on information obtained from secondary sources in Nigeria.
The latest report which indicated that the nation is still far behind the 2.3 mbpd projected in the 2019 budget, also stated that the collective output of OPEC member states hovered in excess of 30 mbpd during the period.
Oil demand & Supply
The report stated: “For 2019, world oil demand growth is now forecast to increase by 1.21 mb/d, also unchanged from last month’s assessment, with total world consumption anticipated to reach 99.94 mb/d. throughout the regions, there are revisions which broadly cancel each other out.
‘‘Some positive upward revisions are accounted for in OECD Americas and China, due to better economic projections than in the previous month. On the other hand, some downward revisions are seen due to lower than expected oil demand data in Latin America and the Middle East during 1Q19, in addition to some downward adjustments to OECD Europe, Latin America and the Middle East for the entire year.’’
“Total supply for the year is now projected to average 64.52 mb/d.’’