By Eyo Nsima

The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil rig count, a major index of measuring activities in the upstream sector at 11 in September 2021.

It its just-released October Monthly Oil Market Report, MOMR, OPEC maintained that the nation’s rig count was also 11 in the previous month of July 2021, indicating that investment remained relatively low in the nation’s oil and gas industry.

However, the report, which painted a picture of improved activities globally, stated: “Global economic growth forecasts for both 2021 and 2022 remain unchanged from the last month’s assessment at 5.6% and 4.2%, respectively. Given somewhat slowing 3Q21 momentum, the US economy forecast for 2021 is revised down slightly to 5.8% from 6.1%, while the forecast for 2022 remains unchanged at 4.1%.

“Euro-zone economic growth is revised up to 5% from 4.7% for 2021 and to 3.9% from 3.8% for 2022, after a strong rebound in 2Q21. The forecast for Japan is revised down to 2.6% from 2.8% for 2021, due to ongoing COVID-19-related social-distancing measures in 3Q21, while the forecast for 2022 remains at 2%.

“After a strong recovery in the first half of the year, China’s economy is seen to slow somewhat, leaving the growth forecast at 8.3% in 2021 and 5.8% in 2022, representing a 0.2 percentage point downward revision for both years.
“Meanwhile, India’s 2021 growth forecast is unchanged at 9% for 2021 and 6.8% for 2022, although downside risks prevail. Russia’s forecasts are revised up from 3.5% to 4% for 2021 and from 2.5% to 2.7% for 2022, benefitting from the more stable oil market.

“Brazil’s growth forecast remains unchanged for both 2021 and 2022 at 4.7% and 2.5%, respectively. The ongoing robust growth in the world economy continues to be challenged by uncertainties, such as the spread of COVID-19 variants and the pace of vaccine roll-outs worldwide, as well as ongoing global supply-chain disruptions.”