By Udeme Akpan
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output, excluding Condensate, at 1.78 million barrels per day, m/bd, in April 2020.
According to data collated from secondary sources, this indicated a decrease of 68,000 bpd when compared to 1.84 m/bd produced in March 2020.
In its April market report obtained by Vanguard, OPEC, which doubted the capacity of the global economy to take much oil at this time, stated: “The world economy is forecast to face a recession in 2020, declining by 3.4 percent, following global economic growth of 2.9 percent in the previous year. Within the OECD, the US is forecast to contract by 5.2 per cent in 2020, following growth of 2.3 per cent in 2019.
“An even larger decline is expected in the Euro-zone, where economic activity is forecast to fall by 8.0 per cent in 2020, compared to growth of 1.2 per cent in 2019. Japan is forecast to contract by 5.1 per cent in 2020, comparing to growth of 0.7 per cent in 2019. China’s 2020 GDP is forecast to grow by 1.3 per cent, recovering from a sharp contraction in 1Q20, and following growth of 6.1 per cent in 2019.”
In 2020, world oil demand growth is adjusted lower by 2.23 mb/d and is now forecast to drop by 9.07 mb/d. However, the worst contraction in major oil demand centers around the world is expected to take place in the second quarter of 2020.