OIL: Saudi Arabia, Iraq, Iran, UAE, Kuwait, Nigeria, Angola remain OPEC’s top 7 producers
By Eyo Nsima
Saudi Arabia, Iraq, Iran, UAE, Kuwait, Nigeria, and Angola remain the top seven oil-producing members of the Organisation of Petroleum Exporting Countries, OPEC, based on data obtained from secondary sources.
The countries – Saudi Arabia, Iraq, Iran, UAE, Kuwait, Nigeria, and Angola – produced 8. 992 million barrels per day, mbpd, 4.329 mbpd, 3.115 mbpd, 2.940 mbpd, 2.553 mbpd, 1.416 mbpd and 1.172 mbpd, respectively, according the organisation’s November 2023 Monthly Oil Market Report, MOMR, obtained by The Daily, www.thedaily-ng.com.
OPEC, stated: “According to secondary sources, total OPEC-13 crude oil production averaged 27.90 mb/d in October 2023, higher by 80 tb/d, m-o-m. Crude oil output increased mainly in Angola, IR Iran and Nigeria, while production in Libya, Saudi Arabia and Kuwait decreased.”
In the preceding month of September 2023, Saudi Arabia, Iraq, Iran, UAE, Kuwait, Nigeria, Angola, had produced 9.018 mbpd, 4.314 mbpd, 3.069 mbpd, 2.924 mbpd, 2,577 mbpd, 1.399 mbpd and 1.121 mbpd, respectively.
However, HE Haitham Al Ghais, OPEC Secretary General, has expressed the commitment of OPEC towards increased investment and production to meet global oil demand in the oming years.
He stated: “This past year has seen the OPEC Secretariat research team take on board a variety of energy policy shifts, reassessments of the speed and nature of energy transitions, as well as developments in the economic landscape, to revise up the long-term oil demand outlook in our World Oil Outlook (WOO) 2023 to 116 million barrels a day (mb/d) by 2045.
“This is more than 6 mb/d higher than in the WOO 2022, and there is potential for the level to be even higher.
“It is interesting to note that almost half of this revision comes from OECD countries, which are up by 2.6 mb/d compared to the WOO 2022. In contrast, previous WOOs had seen slight downward revisions to OECD oil demand in 2045.
“The OECD oil demand increase comes on the back of significant energy and economic-related developments, as populations glimpse what many initial net zero policies and targets mean for them, and policymakers reevaluate their approach to energy transition pathways.
“This has been seen in many European Union (EU) nations, the UK, the US, Australia and more, with pushbacks on ambitious policy targets as governments place more priority on energy security and socio-economic development, such as the UK postponing the ban of ICE sales and the EU significantly softening EURO 7 emission standards. This will directly affect oil demand in these countries and regions, and will likely have spillover effects to other regions resulting in slower efficiency improvements. In addition, some renewable projects have been delayed or even shelved due to rising costs and supply chain constraints.
“In the non-OECD, where oil demand is up by 3.4 mb/d compared to the WOO 2022 the story is slightly different.
“The revision is the result of a combination of less strict policies and faster economic growth, which leads to faster industrialization, a larger middle class, an expansion in transport services, improved energy access and a faster shift to modern energy sources.
“As a result, most oil consumption sectors expand faster than previously anticipated, including industry, petrochemicals, aviation and residential.
“Part of the change on the road transportation side is a higher total number of vehicles for both passenger cars and the commercial sector. The impact of higher oil demand is particularly apparent for commercial vehicles, where electrification options are limited.
“The upward global oil demand revision also needs to be placed in the context of the world needing more from all energies, the exception being coal, as populations expand and economies grow in the decades to come. In the WOO 2023, global energy demand expands by 23% in the period to 2045, with global oil demand increasing by around 17%, and renewables (including solar, wind, biomass and hydro) expanding by more than 200%, albeit from a low base.”
