According to the OPEC Monthly Oil Market Report for October 2011, Nigeria produced an average of 2.087 million bpd in the first quarter of this year; 2.148 million bpd in the second quarter and 2.158 million bpd in the third quarter.
Although, the report did not state the reason for the drop, analysts attributed it to some production deferments in the Niger Delta caused by attacks on oil pipelines in September.
The report also showed that between July and September, Nigeria’s production was uneven, with the country producing 2.172 million bpd in July; 2.231 million bpd in August and 2.069 million bpd in September.
However, the country’s production was still the highest in Africa in September, with Angola producing 1.725 million bpd; Algeria, 1.259 million bpd and Libya, 99,000 bpd.
According to the report, Nigeria was also the seventh largest producer among OPEC members in September, trailing Saudi Arabia, which produced 9.586 million bpd; Iran, 3.597 million bpd; Iraq, 2.661 million bpd; Kuwait, 2.597 million bpd; United Arab Emirates, 2.562 million bpd; and Venezuela, 2.449 million bpd.
The report, which OPEC said was based on information from secondary sources, noted that the organisation’s crude oil production averaged 29.90 million bpd in September, down by around 77,000 barrels per day from the previous month.
It also said OPEC’s crude oil production, excluding Iraq, averaged 27.23 million bpd in September, a decline of 78,000 bpd from the previous month.
It added, “Crude oil output of Nigeria and Saudi Arabia experienced a decline in September, compared to the previous month, while crude production from Libya and Angola showed increases.”
According to the report, the economic downturn is taking its toll on world oil demand, especially among the Organisation for Economic Cooperation and Development member countries.
It further stated, “The decelerating United States’ economy, high unemployment rate and feelings of uncertainty among consumers, have dampened United States’ oil demand. Similarly, debt problems in the
Eurozone are causing EU economies to lose some of their estimated growth this year.
“Furthermore, the delay in Japan’s rebuilding efforts is contributing to the lower-than expected oil demand. The above factors are likely to reduce OECD oil demand growth by some 100,000 barrels per day this year. Our initial world oil demand growth estimate was one million barrels per day; however, the above factors have pushed world oil demand further down than expected.”
The report added, “The uncertainty for the short term still exists, making US oil demand the wild card this year. This might further weaken world oil demand in the fourth quarter.”