Nigeria’s crude oil production rose by 35,000 barrels per day in October, reaching approximately 1.085 million bpd, as reported by the Organisation of Petroleum Exporting Countries.
According to OPEC’s Monthly Oil Market Report, secondary sources indicated that Nigeria’s output for the month was 1.434 million bpd, up from 1.399 million bpd in September.
However, direct communication from Nigeria reported an average production of 1.333 million bpd in October, reflecting a slight increase of 9,000 bpd compared to the 1.324 million bpd produced in September.
Meanwhile, crude oil prices fell to near a two-week low yesterday, dropping around 5% over the past two sessions, as investors reacted to OPEC’s latest downward revision of global demand growth.
Brent crude futures were priced at $71.99 per barrel, while U.S. West Texas Intermediate (WTI) crude was at $68.16 per barrel.
In its MOMR, OPEC revised its forecast for global oil demand growth in 2024 downwards, marking the fourth consecutive reduction by the producer group.
It also lowered its demand growth projection for the following year.
The revised demand outlook underscores the challenges OPEC and its allies, including Russia, face in balancing production with weakening demand. This month, the group delayed its plan to begin increasing output in December amid falling oil prices.
OPEC however projects global oil demand will rise by 1.82 million bpd in 2024, a reduction from the previous month’s forecast of 1.93 million bpd.
Additionally, the group lowered its 2025 demand growth estimate to 1.54 million bpd, down from 1.64 million bpd.
While OPEC’s estimates remain higher than those from other industry analysts, they still trail the much lower projections of the International Energy Agency.
