- As global output averaged 32.3 million barrels
By Ruth Olurounbi
Nigeria’s oil output rose by as much as 70,000 barrels in July this year, despite decrease in share of Organization of the Petroleum Exporting Countries (OPEC) crude oil in total global production when compared with the previous month.
Africa’s second biggest economy’s oil output rose 4% in July, increasing to 1.66 million barrels in July from 1.59 million in June this year, according to a report released by OPEC this morning.
The country’s quarter on quarter oil production however declined by 6.96%, declining from June’s 1.78 million barrels to 1.6 million barrels in July.
The bloc’s output averaged 32.32 million barrels in July, up 41,000 barrels from June, with crude oil output increasing mostly in Kuwait, Nigeria, UAE and Iraq, the oil regulating body said in its monthly oil market report, citing secondary sources.
Outputs from Libya, I.R. Iran, Saudi Arabia and Venezuela, however declined in the months under review.
Preliminary data shows that global oil supply increased by 0.68 million barrels to average 98.53 mb/d in July 2018, compared with the previous month. OPEC’s share of crude oil in total global production however decreased by 0.2 pp to 32.8% in July compared with the previous month, the body said.
Inflation in the oil dependent economy reached its lowest reading since January 2016, posting 11.2% y-o-y (year-on-year) for the month, down from 11.6% the previous month and down from a high of 19% y-o-y increase reached in January 2017.