…Output from Nigeria rose to 1,390 tb/d in September from 1, 181 tb/d.
THUR, OCT 12 2023-theGBJournal| ”According to secondary sources, total OPEC-13 crude oil production averaged 27.75 mb/d in September 2023, higher by 273 tb/d m-o-m,” the Organization of the Petroleum Exporting Country said Thursday in its monthly Oil Market Report.
OPEC said Crude oil output increased mainly in Nigeria, Saudi Arabia and Kuwait, while production in Venezuela and Equatorial Guinea decreased.
Output from Nigeria rose to 1,390 tb/d in September from 1, 181 tb/d.
The Organization however kept its global oil demand in 2023 and 2024 unchanged, citing signs of a resilient world economy, and amid continued improvements in China.
OPEC said world demand will rise by 2.25 million barrels per day in 2024, compared with projected increase of 2.44 barrels per day in 2023.
Earlier Thursday, the International Energy Agency (IEA) raised its 2023 oil demand growth forecast to 2.3 million barrels per day, up from 2.2 million barrel per day growth reflected in its September monthly report.
Amidst the growth forecast, the Agency warned that the heightened tension in the Middle East, a region accounting for more than one-third of the world’s seaborne oil trade, could put markets on edge.
According to the IEA, ”The surprise attack by Hamas on Israel on 7 October spurred traders to price in a $3-4/bbl risk premium when markets opened. Prices have since stabilised, with benchmark Brent futures trading at around $87/bbl at the time of writing. While there has been no direct impact on physical supply, markets will remain on tenterhooks as the crisis unfolds.”
Twitter(X)-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
