• About Us
  • Terms & Conditions
  • Contact Us
Sunday, January 29, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    Train Derails In Abuja, NRC Suspends Services

    Train Derails In Abuja, NRC Suspends Services

    How Osun state governor, Adeleke was sacked by tribunal

    How Osun state governor, Adeleke was sacked by tribunal

    Adeleke reacts to his removal as Osun state governor

    Adeleke reacts to his removal as Osun state governor

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Britain considers allowing foreign students to work longer hours

    Britain considers allowing foreign students to work longer hours

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

    Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

    Dangote Cement Plc appoints Arvind Pathak as new GMD

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Oando blames complexity of audit for continued delays in releasing its financial statements

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    UK fines GTBank for ‘money laundering system failures

    UK fines GTBank for ‘money laundering system failures

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Airtel receives $159m as first payment for its Tanzanian towers

    Airtel Nigeria acquires 4G and 5G Spectrum

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    Train Derails In Abuja, NRC Suspends Services

    Train Derails In Abuja, NRC Suspends Services

    How Osun state governor, Adeleke was sacked by tribunal

    How Osun state governor, Adeleke was sacked by tribunal

    Adeleke reacts to his removal as Osun state governor

    Adeleke reacts to his removal as Osun state governor

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Britain considers allowing foreign students to work longer hours

    Britain considers allowing foreign students to work longer hours

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

    Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

    Dangote Cement Plc appoints Arvind Pathak as new GMD

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Oando blames complexity of audit for continued delays in releasing its financial statements

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    UK fines GTBank for ‘money laundering system failures

    UK fines GTBank for ‘money laundering system failures

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Airtel receives $159m as first payment for its Tanzanian towers

    Airtel Nigeria acquires 4G and 5G Spectrum

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Markets Commodities

Nigeria oil production declined to 1.373 million bpd in July – OPEC report

Wednesday, 12 August 2020, 8:19 pm
in Commodities, Markets
0
How Chinese Students and White-Collar Workers may have lost $1.3 Billion (N507bn) as Oil Price Crashed
Share Share Share Share Send as Email

According to OPEC Monthly Oil Market Report Released on Wednesday, Nigeria oil production for the month of July stood at 1.373 million barrels per day according based on direct communication. This represents a 380,000 barrels decline from June average of 1.411 million barrels per day.

However, Nigeria crude oil production based on secondary sources was 1.488 million barrels per day, a 90,000 barrels per day decline from June figure of 1.497 million barrels per day.

According to OPEC report, global liquids production in July increased by 1.29 mb/d to average 88.75 mb/d, compared with the previous month.

Non-OPEC liquids production (including OPEC NGLs) increased in July by 0.31 mb/d compared with the previous month to average 65.58 mb/d, lower by 4.06 mb/d y-o-y. The preliminary increases in production during July 2020, by 0.40 mb/d m-o-m, were mainly driven by the OECD, particularly Canada and Norway.

The share of OPEC crude oil in total global production increased by 0.7 pp to 26.1% in July compared with the previous month, based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and nonconventional oil, while estimates for OPEC crude production are based on secondary sources.

  • Read also; EFCC Investigates Two Lebanese For $890,000 Fraud
  • UK economy plunges into deepest recession on record

According to secondary sources, total OPEC-13 crude oil production averaged 23.17 mb/d in July 2020, higher by 0.98 mb/d m-o-m. Crude oil output increased mainly in Saudi Arabia, UAE, Kuwait and Iraq, while production decreased primarily in Angola, Congo and Gabon. In July, production of Libya increased to average 100 tb/d.

OPEC crude oil production based on direct communication, tb/d

Demand for OPEC crude in 2020 is revised down by 0.4 mb/d from the previous month to stand at 23.4 mb/d, around 5.9 mb/d lower than in 2019. Demand for OPEC crude in 2021 is also revised down by 0.5 mb/d from the previous month to stand at 29.3 mb/d, around 5.9 mb/d higher than in 2020

In 2020, global oil demand growth is forecast to decline by 9.1 mb/d. This is 0.1 mb/d lower than last month’s forecast, mainly due to lower economic activity levels in a few major non-OECD countries.

Total oil demand is now projected to reach 90.6 mb/d. For 2021, world oil demand growth is forecast to rise by 7.0 mb/d, unchanged from last month. Total world consumption is now pegged at 97.6 mb/d in 2021.

The forecast assumes that COVID-19 will largely be contained globally, with no further major disruptions to the global economy. Consequently, economic activities are projected to rebound steady in both OECD and non-OECD. As a result, the OECD countries are expected to witness oil demand growth of 3.5 mb/d, y-o-y, in 2021. The non-OECD countries are expected to witness similar growth, with China and Other Asia leading the gains.

Spot crude oil prices rose further in July, the third consecutive monthly increase. The OPEC Reference Basket (ORB) averaged $43.42/b in July, gaining $6.37 over the previous month to reach its highest value since February this year. The ORB year-to-date average is $39.85/b.

Crude oil futures also rose in July, again for the third consecutive month. ICE Brent ended the month $2.45 higher at $43.22/b, while NYMEX WTI rose by $2.45 to reach $40.77/b.

Read more; Vacancy; Financial Journalist are called to apply for at Civic Hive

Global refinery margins trended upwards last month, as a continued increase in mobility activities, amid the peak summer season, provided stimulus to product markets. Improvements were registered across almost the entire barrel, with Asian refining margins returning to positive territory.

Nigeria

The recent manufacturing PMI reading indicated a softer rate of contraction in manufacturing output in July, compared to the prior month, amid the easing of COVID-19 lockdown restrictions. The Central Bank of Nigeria Manufacturing PMI jumped to 44.9 in July 2020 from 41.1 in in June. Meanwhile, the CPI jumped to the sharpest level since the start of 2020 by 20 percentage points to 12.6% y-o-y in June.

In accordance, The Central Bank of Nigeria (CBN) kept all policy instruments stable at the Monetary Policy Committee (MPC) meeting in July. On the other hand, the official Nigerian Naira exchange rate was devalued for the second time in 2020 in a move to unify its multiple exchange rates to improve the transparency of the currency management system as Nigeria seeks roughly $3 billion in loans from the World Bank.

The trade balance in Nigeria flapped to a NGN 162.2 billion deficit in March of 2020, from a NGN 450 billion surplus in March 2019. Exports dropped over the same period by 33.5% to NGN 965.6 billion, the sharpest decline since March of 2017.

Read full report here.

Written by;

Ifunanya Ikueze

Related Posts:

  • Nigeria's oil production slumps to 1.084mbpd in July
    Nigeria's oil production slumps to 1.084mbpd in July
  • OPEC unanimously agree to extend 9.7 mb/d oil production cut
    OPEC unanimously agree to extend 9.7 mb/d oil production cut
  • Oil Price Jolts Up as OPEC+ Maintains Production Output for April 2021
    Oil Price Jolts Up as OPEC+ Maintains Production Output for…
  • Saudi Arabia to Voluntarily Cut Oil Production by Extra 1 Million Barrels per Day: Energy Ministry
    Saudi Arabia to Voluntarily Cut Oil Production by Extra 1…
Tags: OPEC
Previous Post

Vacancy; Financial Journalist are called to apply for at Civic Hive

Next Post

Airtel Money customers to receive international money transfers directly to their wallets as the company partners with Standard Chartered Bank

Next Post
Nigerian Bourse closed in Green due to gains in AIRTELAFRI and BUACEMENT

Airtel Money customers to receive international money transfers directly to their wallets as the company partners with Standard Chartered Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
VACANCY: Egbin Power Plc is recruiting into several positions

VACANCY: Nestoil is recruiting into several positions

Caught on Camera: Pfizer exploring “Mutating” COVID-19 virus for new vaccines

Caught on Camera: Pfizer exploring “Mutating” COVID-19 virus for new vaccines

All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

BREAKING: CBN extends deadline for old naira notes

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

BREAKING: CBN extends deadline for old naira notes

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

VACANCY: Egbin Power Plc is recruiting into several positions

VACANCY: Nestoil is recruiting into several positions

No new CP in Lagos, Alabi still in charge, says Hundeyin

No new CP in Lagos, Alabi still in charge, says Hundeyin

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist