•Nigeria’s output down by 70,000 bpd
AGGREGATE production from members of Petroleum Exporting Countries (OPEC) fell by about 310,000 barrels a day, as violent protests slashed about 200,000 barrels a day from Libyan production while oil theft cut 70,000 barrels a day of Nigerian output.
This was contained in the organisation’s monthly report released yesterday.
Total OPEC crude oil production averaged 30.38 million barrels per day (mbpd) in June, representing a decline of 0.31 mbpd, when compared with the previous month. OPEC crude oil production, excluding Iraq, average 27.32 mbpd, a drop of 0.28 mbpd over the same period.
Nigeria, Angola and Iraq, led the crude oil output decrease, while crude oil production from Saudi Arabia, and the United Arab Emirates experienced the increase in June.
But Nigeria’s crude oil production has declined further from the 1.930 mbpd recorded in the Month of May to 1.861mbpd in June, representing 69.7 per cent decrease from the previous month’s production.
OPEC’s natural gas liquids and non-conventional oils are expected to grow by 0.21 mbpd in 2013 to average 5.87 mbpd. “In 2014, OPEC natural gas liquids and non-conventional oils are projected to increase by 0.15 mbpd to average 6.01 mbpd.
The expected growth in 2014 is expected to come mainly from Algeria, Angola, Nigeria, Qatar, Saudi Arabia and the United Arab Emirates”, the report added.
According to the monthly report, the total developing countries’ oil supply is expected to average 12.55mbpd in 2014, representing growth of 0.32mbpd over this year.
This increase, it noted, is expected to come mainly from Latin America, supported by growth in Brazil and Colombia, followed by Africa and other Asia, while the Middle East’s supply is seen to decline in 2014.
It stated: “Africa’s oil production is expected to average 2.40mbpd in 2013, an increase of 80tbpd over the previous year and an upward revision of 15tbpd from the previous month. The upward revision came from the South Sudan and Sudan supply forecasts, as the two nations as the two nations reportedly agreed to continue the flow of oil.
“Africa’s oil production in 2014 is also forecast to average 2.49 mbpd, an increase of 90tbpd over 2013. Oil supplies from Chad, Congo, Egypt and South Africa are expected to remain steady in 2014, with minor declines of up to 20tbpd. This comes on the back of supplies from Ghana, Gabon, and Equatorial Guinea are forecast to increase slightly in 2014, supported by such developments as the Jubilee and Anguille, and Alen projects”.
OPEC projected that world oil demand will surge by 1.04 million barrels a day next year, an increase of around 300,000 barrels compared with the growth predicted for the current year.
OPEC, whose members produce more than one in three barrels consumed in the world each day, says it won't benefit from rising oil demand. It sees demand for its crude next year declining by about 300,000 barrels a day to average 29.6 million barrels a day.
But the organization warned its supply forecasts from rival producers were subject to a "high level of risk"--largely due to political unrest. It emphasized turmoil in African countries such as South Sudan and in Middle-Eastern nations like Syria and Yemen.
"Political instability is continuing to be the prime source of uncertainty on the (African) continent during 2013 and 2014," the group said.
Demand for OPEC’s crude will slip by 300,000 barrels a day next year to 29.6 million a day next year, or about 2.6 percent less than the 12-member group is pumping now, the organization said in its first set of forecasts for 2014.
The need for OPEC’s crude will diminish even as global oil demand growth recovers to one million barrels a day in 2014, from 800,000 a day this year, amid rising output in the US and Canada.
Supplies from outside OPEC will increase by 1.1 million barrels a day next year to 55.1 million, compared with an increase of 1 million estimated for this year, according to the report. The expansion will be led by the U.S. and Canada, and assisted by nations including Brazil, Kazakhstan and South Sudan.
source
AGGREGATE production from members of Petroleum Exporting Countries (OPEC) fell by about 310,000 barrels a day, as violent protests slashed about 200,000 barrels a day from Libyan production while oil theft cut 70,000 barrels a day of Nigerian output.
This was contained in the organisation’s monthly report released yesterday.
Total OPEC crude oil production averaged 30.38 million barrels per day (mbpd) in June, representing a decline of 0.31 mbpd, when compared with the previous month. OPEC crude oil production, excluding Iraq, average 27.32 mbpd, a drop of 0.28 mbpd over the same period.
Nigeria, Angola and Iraq, led the crude oil output decrease, while crude oil production from Saudi Arabia, and the United Arab Emirates experienced the increase in June.
But Nigeria’s crude oil production has declined further from the 1.930 mbpd recorded in the Month of May to 1.861mbpd in June, representing 69.7 per cent decrease from the previous month’s production.
OPEC’s natural gas liquids and non-conventional oils are expected to grow by 0.21 mbpd in 2013 to average 5.87 mbpd. “In 2014, OPEC natural gas liquids and non-conventional oils are projected to increase by 0.15 mbpd to average 6.01 mbpd.
The expected growth in 2014 is expected to come mainly from Algeria, Angola, Nigeria, Qatar, Saudi Arabia and the United Arab Emirates”, the report added.
According to the monthly report, the total developing countries’ oil supply is expected to average 12.55mbpd in 2014, representing growth of 0.32mbpd over this year.
This increase, it noted, is expected to come mainly from Latin America, supported by growth in Brazil and Colombia, followed by Africa and other Asia, while the Middle East’s supply is seen to decline in 2014.
It stated: “Africa’s oil production is expected to average 2.40mbpd in 2013, an increase of 80tbpd over the previous year and an upward revision of 15tbpd from the previous month. The upward revision came from the South Sudan and Sudan supply forecasts, as the two nations as the two nations reportedly agreed to continue the flow of oil.
“Africa’s oil production in 2014 is also forecast to average 2.49 mbpd, an increase of 90tbpd over 2013. Oil supplies from Chad, Congo, Egypt and South Africa are expected to remain steady in 2014, with minor declines of up to 20tbpd. This comes on the back of supplies from Ghana, Gabon, and Equatorial Guinea are forecast to increase slightly in 2014, supported by such developments as the Jubilee and Anguille, and Alen projects”.
OPEC projected that world oil demand will surge by 1.04 million barrels a day next year, an increase of around 300,000 barrels compared with the growth predicted for the current year.
OPEC, whose members produce more than one in three barrels consumed in the world each day, says it won't benefit from rising oil demand. It sees demand for its crude next year declining by about 300,000 barrels a day to average 29.6 million barrels a day.
But the organization warned its supply forecasts from rival producers were subject to a "high level of risk"--largely due to political unrest. It emphasized turmoil in African countries such as South Sudan and in Middle-Eastern nations like Syria and Yemen.
"Political instability is continuing to be the prime source of uncertainty on the (African) continent during 2013 and 2014," the group said.
Demand for OPEC’s crude will slip by 300,000 barrels a day next year to 29.6 million a day next year, or about 2.6 percent less than the 12-member group is pumping now, the organization said in its first set of forecasts for 2014.
The need for OPEC’s crude will diminish even as global oil demand growth recovers to one million barrels a day in 2014, from 800,000 a day this year, amid rising output in the US and Canada.
Supplies from outside OPEC will increase by 1.1 million barrels a day next year to 55.1 million, compared with an increase of 1 million estimated for this year, according to the report. The expansion will be led by the U.S. and Canada, and assisted by nations including Brazil, Kazakhstan and South Sudan.
source
