Angola again produced more crude oil than Nigeria for the third consecutive month, with Africa’s largest economy losing 74,000 barrels per day in July compared to the previous month of June.
In May and June Angola produced more crude oil than Nigeria, despite the country’s increased production. OPEC’s monthly report for July showed that Nigeria’s oil production fell by 74,000 barrels per day (bpd) to 1.08 million bpd in July.
In turn, Angola’s oil production rose to 1.18 million bpd in July, up from 1.17 million bpd in June.
OPEC cut its 2022 forecast for world oil demand growth for the third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation and efforts to contain pandemic.
Oil use has rebounded from the worst time of the pandemic and is expected to surpass 2019 levels this year, even after prices hit record highs. However, high prices and Covid-19 outbreaks have affected OPEC’s growth projections for 2022.
“Global oil market fundamentals continued their strong recovery to pre-COVID-19 levels for most of the first half of 2022, although signs of slowing global economic growth and oil demand emerged,” OPEC said in a report.
Oil prices maintained an earlier gain after the release of the OPEC report, finding support in the IEA’s view on demand and trading above $98 a barrel.
OPEC and allies including Russia, known collectively as OPEC+, are increasing oil production after record cuts were implemented when the pandemic struck in 2020.
16/08/2022
