A Review of the Nigerian Energy Industry

OPEC exports 4.5 million barrels of crude daily

24 July 2012, Sweetcrude, ABUJA – MEMBERS of the Organisation of Petroleum Exporting Countries, OPEC, including Nigeria, exported 4.5 million barrels of oil per day, mbd, in 2011, the organisation has said.

In its latest 2012 Annual Statistical Bulletin, ASB, OPEC said a large chunk of the crude from its 12 members was shipped to the Asian and Pacific markets.

The two regions accounted for 2.1 mbd or 49.8 per cent of the total exports while North American and Latin American countries were supplied with 0.6 mbd (13.6 per cent) and 0.5 mbd (11.8 per cent) respectively.

OPEC supplies one-third of the world’s crude and its Annual Statistical
Bulletin, ASB, is a compendium of statistical data as it concerns oil and natural gas activities in its member nations and other oil producers.

OPEC members include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela

OPEC said in the ASB that world crude oil production increased in 2011 by 0.9 per cent, with Canadian, US and Middle East crude production witnessing increases while Western European and African recorded production decline.

It indicated that crude oil production in OPEC member countries was up 3 per cent in 2011 year-on-year and that global oil consumption also increased by 0.9 per cent during the year.

Growth was recorded in emerging economies, primarily in Asia, particularly China, as well as in Latin America and the Middle East.
Proven crude oil reserves in OPEC countries increased slightly in 2011, almost reaching 1.2 billion barrels, the organisation said.

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1 comment

  1. Sweetcrude Reports via Facebook Reply

    The world economy is largely driven by crude oil. It is gratifying to note that Nigeria supplies a sizable chunk of this amount but stupefying to also note that revenue receipts from same have failed to lift the citizenry from the morass of poverty and all the negative accompanying vices that go with it – we remain plagued by the resource curse.