According to the OPEC Monthly Oil Market Report (MOMR) published on Wednesday and obtained by the News Agency of Nigeria (NAN) in Abuja, crude oil output increased in Saudi Arabia, the United Arab Emirates, Kuwait, Angola, Algeria, and Congo.
The latest report by the Organisation of the Petroleum Exporting Countries (OPEC) has shown that Nigeria’s crude oil production dropped, placing Angola ahead of the most populous African nation.
According to the OPEC Monthly Oil Market Report (MOMR) published on Wednesday and obtained by the News Agency of Nigeria (NAN) in Abuja, crude oil output increased in Saudi Arabia, the United Arab Emirates, Kuwait, Angola, Algeria, and Congo.
However, crude oil production dropped in seven countries namely Libya, Nigeria, Iraq, Gabon, Venezuela, Iran and Equatorial Guinea.
The report showed that total OPEC-13 crude oil production averaged 28.47 million barrels per day (mb/d) in May 2022, lower by 239,000 barrels per day (tb/d) month–on–month (m-o-m).
While Saudi Arabia output increased from 10,366 tb/d in April to 10,417 tb/d in May, UAE increased from 3,015 tb/d to 3,042 tb/d, while Kuwait rose from 2,662 tb/d to 2687tb/d.
Similarly, Angola’s output increased from 1,168 tb/d in April to 1,176tb/d in May, while Algeria increased from 1,003 tb/d to 1,007tb/d, and Congo experienced a slight increase from 262tb/d to 268tb/d within the period under review.
On the contrary, crude oil output in Nigeria dropped from 1,322 tb/d to 1,258 tb/d, Libya’s production fell from 914 tb/d in April to 725 tb/d in May, while Iraq experienced a decline from 4,420 tb/d to 4,374tb/d.
The report further showed that Gabon’s crude oil production declined from 200tb/d to 169tb/d, while Venezuela dropped from 712tb/d to 711tb/d, and Iran and Equatorial Guinea fell from 2,564tb/d to 2,538tb/d and 96tb/d to 94tb/d respectively.
The OPEC report also showed that on the world oil supply, global liquids production in May decreased by 0.22 mb/d to an average 98.71 mb/d compared with April.
While non-OPEC liquids production (including OPEC Natural Gas Liquids (NGLs) is estimated to have increased in May by a minor 23 tb/d m-o-m to average 70.2 mb/d, this was higher by 1.7 mb/d year-on-year (y-o-y).
The report stated that “Preliminary estimated decreases in production during May were mainly driven by Canada and the UK by 0.4 mb/d, while Eurasia and Latin America are expected to have seen growth in liquids output of 0.4 mb/d.”
NAN reported that the share of OPEC crude oil in total global production decreased by 0.2 pp to 28.8 per cent in May compared with the previous month.
Estimates were based on preliminary data from direct communication for non-OPEC supply, OPEC and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.