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Again, Angola Overtakes Nigeria In Oil Production - Politics - Nairaland

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Again, Angola Overtakes Nigeria In Oil Production by postbox: 9:09pm On Aug 15
Angola has again produced more crude oil than Nigeria for the third consecutive month, as Africa’s biggest economy lost 74,000 barrels per day in July compared with the previous month of June.

In May and June, Angola produced more crude oil than Nigeria, despite an increase in the country’s output. OPEC’s monthly report for July showed that Nigeria’s oil production declined by 74,000 barrels per day (bpd) to 1.08 million bpd in July from 1.26 million in June, based on direct communication.

On its part, Angola’s oil production rose to 1.18 million bpd in July, up from 1.17 million bpd in June.

OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries.

Nigeria recorded the second greatest decline in production among its OPEC peers in July, even though Angola’s also reduced, it still beat Nigeria in terms of barrels drilled.

“Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production in Venezuela and Angola declined,” the oil cartel said.
OPEC has cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.

But the view from OPEC contrasts with that of the International Energy Agency (IEA), the adviser to industrialised countries, which earlier raised its 2022 demand growth outlook.

OPEC in a monthly report said it expects 2022 oil demand to rise by 3.1 million barrels per day (bpd), or 3.2 per cent, down 260,000 bpd from the previous forecast. The IEA raised its forecast by 380,000 bpd to 2.1 million bpd.

Oil use has rebounded from the worst of the pandemic and is set to exceed 2019 levels this year even after prices hit record highs. However, high prices and Chinese coronavirus outbreaks have eaten into OPEC’s 2022 growth projections.

“Global oil market fundamentals continued their strong recovery to pre-COVID-19 levels for most of the first half of 2022, albeit signs of slowing growth in the world economy and oil demand have emerged,” OPEC said in the report.

The international oil cartel cut its 2022 global economic growth forecast to 3.1 per cent from 3.5 per cent and trimmed next year to 3.1 per cent, saying that the prospect of further weakness remained.

“This is, however, still solid growth, when compared with pre-pandemic growth levels. Therefore, it is obvious that significant downside risk prevails,” OPEC said.
Oil prices held on to an earlier gain after the OPEC report was released, finding support from the IEA’s view on demand and trading above $98 a barrel at the weekend.

OPEC and allies, including Russia, known collectively as OPEC+, are ramping up oil output after record cuts were put in place as the pandemic took hold in 2020.


Re: Again, Angola Overtakes Nigeria In Oil Production by Goodson15: 9:14pm On Aug 15
Fuel subsidy is Nigeria greatest setback in our oil sector,due to bad leaders

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Re: Again, Angola Overtakes Nigeria In Oil Production by nazicartel(m): 10:10pm On Aug 15
This country seff. I know somebody that went to this country. Before 3yrs he was comfortably okay. Been sending me invites to come around for holidays but omohhh... For people that have traveled to this country. Please how's Angola?
Re: Again, Angola Overtakes Nigeria In Oil Production by christejames(m): 10:40pm On Aug 15
Osama bin Ladin, Idi Amin, Saddam Hussein, Adolf Hitler and other rightists the world ever know will be wriggling in their graves as they take note of this Buhari's maladministration taking over any record they think they have achieved in this world cry cry cry
Re: Again, Angola Overtakes Nigeria In Oil Production by FreeStuffsNG: 10:49pm On Aug 15
It is obviously temporary. It is like saying US overtakes Russia in gas.
check my signature for freebies!
Re: Again, Angola Overtakes Nigeria In Oil Production by drmuchin: 1:50am On Aug 16
oil bunkering the bane of NIGERIA existence
Re: Again, Angola Overtakes Nigeria In Oil Production by Obidient4life3: 2:07am On Aug 16
Nigeria is not an oil producing country! It's an oil consuming country.

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