Nigeria and others push oil demand to 99.7 mpd globally

Nigeria, Kuwait, Saudi Arabia, the United Arab Emirates and other countries would boost daily crude oil production to 99.7 million worldwide this year, the International Energy Agency (IEA) said. ).

Currently, the country produces around 1.4 million barrels of crude oil per day and would likely increase production as global oil recovers soon.
This, combined with production from other countries, would bring the daily crude figures to 99.7 million.

The IEA, in its forecast for 2022, said global oil demand would surpass pre-pandemic levels this year as fears over the latest coronavirus wave fade, creating the potential for another “volatile” year for oil prices.

The body, in its monthly oil market report, raised demand estimates of 200,000 barrels per day bpd for 2021 and 2022 to reflect clear signs that the impact on economic activity and oil demand for the omicron variant remained “relatively subdued”.

He said oil demand would increase by 5.5 million b/d in 2021 and 3.3 million b/d in 2022, adding that the figure had exceeded pre-pandemic levels by 200,000 bpd. /d to reach 99.7 million b/d.

Global oil demand, the IEA said, defied expectations as it rose by 1.1 million bpd to 99 million bpd in the fourth quarter of 2021, a development that meant a revision to up 345,000 bpd, compared to its previous reports. .

“If demand continues to grow strongly or supply disappoints, low inventories and dwindling spare capacity mean oil markets could experience another volatile year in 2022.” says the IEA.

The IEA’s latest report comes as oil prices hit new seven-year highs at over $88/bbl, supported by a growing consensus that oil demand and supply balances are shifting. tighten this year, with some market watchers predicting that Brent futures will hit $100/b later in the year.

On the supply side, the IEA said it now sees OPEC+ spare capacity shrinking to 2.6 million b/d later this year, from around 5 million b/d currently if the producer group continues to unwind its supply cuts and that Iran remains under sanctions.


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Felix J. Dixon