•As Bonny Light price hovers at $83.78 per barrel
Nigeria’s oil output, yesterday, dropped by 9 per cent, to 1.2 million barrels per day, mb/d in October 2021, from 1.3 mb/d, recorded in the corresponding period of 2020.The Organisation of Petroleum Exporting Countries, OPEC disclosed this in its November 2021 Oil Market Monthly Report, OMMR.
Meanwhile, the price of the nation’s Bonny Light dropped to $83.78 per barrel, from $85 per barrel in September 2021.OPEC explained that the oil production data were based on information obtained from direct communication. However, the latest output excluded Condensate that Nigeria has the capacity to produce between 300,000 – 400,000 barrels per day.
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.