COVID-19: OPEC puts Nigeria’s oil output at 1.78 m/bd in March 2020
Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil
production, excluding Condensate at 1.78 million barrels per day, m/bd, in
March 2020. According to data collated from official sources, this indicated an
increase of 37,000 bpd when compared to 1.74 m/bd produced in February 2020.
In its April market report obtained by Vanguard, OPEC, which doubted the capacity of the global economy to take much oil at this time revised the 2020 global demand growth to 6.8 m/bd as the Coronavirus pandemic continues to hit the world.
It stated: “For 2020, the world oil demand growth forecast is revised lower by 6.9 mb/d, to a historical drop of around 6.8 mb/d. The contraction in the 2Q of this year is expected to be around 12 mb/d, with April witnessing the worst contraction at about 20 mb/d.
“The impact of the COVID-19 outbreak in China in 1Q20, and its negative impact on transportation and industrial fuels in the country, has since spread globally and is now affecting oil demand growth in most other countries and regions, with an unprecedented impact on global oil demand, transportation fuels in particular.