Oil Production: Again, OPEC Data Shows Angola, Algeria, Libya Overtook Nigeria in October•Africa’s biggest producer retains 4th position•Oil cartel cuts global demand forecast by 100,000bpdEmmanuel Addeh in AbujaLike in previous months, Angola, Algeria and Libya again pushed Nigeria to the fourth position in October, as Africa’s ‘biggest’ oil producer struggles with sundry issues which have hobbled it’s capacity to meet the Organisation of Petroleum Exporting Countries (OPEC) oil quota. While in the month under review, Algeria drilled 1.060 million barrels per day, Angola produced 1.051 million bpd, Libya’s output was 1.163 million while Nigeria’s oil production stood at 1.024 million bpd. Meanwhile, OPEC has made another cut to its global oil demand growth forecast, trimming around 100,000 bpd from its projections for both 2022 and 2023. This year’s growth is now pegged at 2.55 million bpd, compared with a previous forecast for 2.64 million bpd, OPEC said. The crude oil production of all 13 OPEC members, including those exempt from the OPEC+ pact – Venezuela, Iran, and Libya – averaged 29.49 million bpd in October, according to secondary sources.

Source: Libya Today November 15, 2022 03:41 UTC