• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Natural Resources

Nigeria, 6 others drop in crude oil production

Oil

The Matters Press by The Matters Press
June 16, 2022
Reading Time: 2 mins read
0
Group bemoans level of crude oil theft

The Organisation of the Petroleum Exporting Countries (OPEC), has released a fresh report on crude oil production of its member countries, indicating that six countries increased their crude oil output while seven countries declined in production.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

IMPI urges media to consider national interest in reporting security challenges

The information is contained in the OPEC Monthly Oil Market Report (MOMR) for May 2022.

The report showed that crude oil output increased in Saudi Arabia, the United Arab Emirates, Kuwait, Angola, Algeria, Congo, while production in Libya, Nigeria, Iraq, Gabon, Venezuela, Iran and Equatorial Guinea declined.

It showed that total OPEC-13 crude oil production averaged 28.47 million barrels per day (mb/d) in May 2022, lower by 239,000 barrels per day (tb/d) month– on-month (m-o-m).

The report saw Saudi Arabia increasing output from 10,366 tb/d in April to 10,417 tb/d in May, UAE increased from 3,015 tb/d to 3,042 tb/d, while Kuwait jumped from 2,662 tb/d to 2687tb/d.

It further showed that Angola increased its crude oil output from 1,168 tb/d in April to 1,176tb/d in May, Algeria improved from 1,003 tb/d to 1,007tb/d, while Congo slightly moved up from 262tb/d to 268tb/d.

However, production in Libya declined from 914 tb/d in April to 725 tb/d in May, Nigeria’s output fell from 1,322 tb/d to 1,258 tb/d, while Iraq declined from 4,420 tb/d to 4,374tb/d.

Also, Gabon declined from 200tb/d to 169tb/d, Venezuela went down from 712tb/d to 711tb/d, while Iran and Equatorial Guinea declined from 2,564tb/d to 2,538tb/d and 96tb/d to 94tb/d respectively.

On the world oil supply, the report said preliminary data indicated that global liquids production in May decreased by 0.22 mb/d to average 98.71 mb/d compared with April.

Non-OPEC liquids production (including OPEC Natural Gas Liquids (NGLs) is estimated to have increased in May by a minor 23 tb/d m-o-m to average 70.2 mb/d, but this was higher by 1.7 mb/d year-on-year (y-o-y).

“Preliminary estimated decreases in production during May were mainly driven by Canada and the UK by 0.4 mb/d, while Eurasia and Latin America are expected to have seen growth in liquids output of 0.4 mb/d”.

The share of OPEC crude oil in total global production decreased by 0.2 pp to 28.8 per cent in May compared with the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC and non conventional oil, while estimates for OPEC crude production are based on secondary sources.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Next Post
SMEDAN to disburse N5.2m start-up grants to cooperatives

SMEDAN to support agric-entrepreneurial schemes to reduce unemployment

Experts seek quick resolution to FG, states VAT war

Did Nigeria make N589bn from VAT?

Recommended Stories

NECA on how to address Nigeria’s economic challenges

NECA fears further crashing of fragile economy

February 6, 2023
Embrace entrepreneurship in place of white-collar jobs- Minister

Job creation in South Africa: the president’s advisors discuss what it will take

September 12, 2022
Value of China’s export to US dips

Yuan strengthens to 7. 1795 against dollar

October 18, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In
Call Us