Nigerian oil production increased to 1.307 million barrel per day for the month of July according to the OPEC Monthly Oil Report released on Monday.
The report revealed that production increased by 31,000 barrel per day M-o-M from 1.276 million barrel per day which was production output for the month of June. The June output also showed an increase from the production of 1,251 million barrel per day for the month of May. This is 3-month consistent growth.
According to the OPEC report, Nigerian daily crude production has fluctuated between the second quarter of 2024 and the second quarter of 2024. Nigeria’s production was at 1.260 million barrels per day in Q4 2023 before it increased to 1.327 million barrels per day gaining 67,000 barrels per day of crude production. Production fell to 1.270 million in the 2Q 2024.
According to secondary sources, total OPEC-12 crude oil production averaged 26.75 mb/d in July 2024, 185 tb/d higher, m-o-m. Crude oil output increased mainly in Saudi Arabia, Iraq and IR Iran, while production in Libya decreased.
At the same time, total non-OPEC DoC crude oil production averaged 14.16 mb/d in July 2024, 68 tb/d lower, m-o-m. Crude oil output decreased mainly in Kazakhstan, Russia and South Sudan.
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According to the report. global crude oil demand growth forecast for 2024 is revised down slightly by OPEC by 135 tb/d from the previous month’s assessment to now stand at a healthy 2.1 mb/d, well above the historical average of 1.4 mb/d seen prior to the COVID-19 pandemic. This slight revision reflects actual data received for 1Q24 and in some cases 2Q24, as well as softening expectations for China’s oil demand growth in 2024.
For 2025, global oil demand growth is forecast at a robust 1.8 mb/d, y-o-y, revised down slightly from the previous month’s assessment. The OECD is expected to grow by 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to expand by 1.7 mb/d.
