Nigeria, Six Others Drop In Crude Oil Production

The Organisation of the Petroleum Exporting Countries (OPEC) has stated that crude oil production declined in Libya, Nigeria, Iraq, Gabon, Venezuela, Iran and Equatorial Guinea.
In a fresh report on crude oil production of its member countries, OPEC said six countries increased their crude oil output.
The information is contained in the OPEC Monthly Oil Market Report (MOMR) for May, 2022.
The report showed production in Libya declined from 914tb/d in April to 725tb/d in May, Nigeria’s output fell from 1,322tb/d to 1,258tb/d, while Iraq declined from 4,420tb/d to 4,374tb/d.
Also, Gabon declined from 200tb/d to 169tb/d, Venezuela went down from 712tb/d to 711tb/d, while Iran and Equatorial Guinea declined from 2,564tb/d to 2,538tb/d and 96tb/d to 94tb/d, respectively.
The report showed that crude oil output increased in Saudi Arabia, the United Arab Emirates, Kuwait, Angola, Algeria, Congo.
However, the report showed that total OPEC-13 crude oil production averaged 28.47million barrels per day (mb/d) in May, 2022, lower by 239,000 barrels per day (tb/d) month–on-month (m-o-m).
The report saw Saudi Arabia increasing output from 10,366tb/d in April to 10,417tb/d in May, UAE increased from 3,015tb/d to 3,042tb/d, while Kuwait jumped from 2,662tb/d to 2687tb/d.
It further showed that Angola increased its crude oil output from 1,168tb/d in April to 1,176tb/d in May, Algeria improved from 1,003tb/d to 1,007tb/d, while Congo slightly moved up from 262tb/d to 268tb/d.
On the world oil supply, the report said preliminary data indicated that global liquids production in May decreased by 0.22mb/d to average 98.71mb/d compared with April.
Non-OPEC liquids production (including OPEC Natural Gas Liquids (NGLs) is estimated to have increased in May by a minor 23tb/d m-o-m to average 70.2mb/d, but this was higher by 1.7mb/d year-on-year (y-o-y).
“Preliminary estimated decreases in production during May were mainly driven by Canada and the UK by 0.4mb/d, while Eurasia and Latin America are expected to have seen growth in liquids output of 0.4mb/d,” it said.
The share of OPEC crude oil in total global production decreased by 0.2percent to 28.8per cent in May compared with the previous month.
Estimates are 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.