Nigeria Supplied 1.827 mbd of Crude Oil in July

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N igeria supplied 1.827 mbd of crude oil in July according to the August edition of the OPEC Monthly Oil Market Report. Based on data from secondary source, the figure is 1.786. This figure is about 13.9 percent lower than the 2019 budget production benchmark of 2.3mbd.

Price per barrel of the product in the international market as at Sunday 25th of August is USD58.08. This is again lower than the 2019 budget oil price benchmark of USD50 per barrel.

On a general note, the OPEC report stated that based on preliminary data obtained, global oil supply in July increased slightly by 0.23 mb/d m-o-m to average 98.71 mb/d, compared to the previous month.

Non-OPEC supply (including OPEC NGLs) increased by 0.48 mb/d to average 69.11 mb/d in July, compared to the previous month, higher by 1.92 mb/d y-o-y. Preliminary incremental production in July was mainly driven by Canada, Norway, the UK, Australia, India, Brazil and Azerbaijan.

The share of OPEC crude oil in total global production declined by 0.3 pp to 30% in July 2019 compared to the previous month. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sour

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