The Organisation of Petroleum Exporting Countries, OPEC, has disclosed that Nigeria’s oil output dropped to 1.811 million barrels per day, bpd, in October, 2019 from 1.848 bpd in the previous month.
In the report obtained by Vanguard yesterday, OPEC also stated: “Crude oil output increased mostly in Saudi Arabia, Venezuela and UAE, while production decreased in Ecuador, Angola, Iraq and Nigeria.”
The global oil cartel indicated that global economic growth forecast which usually drives oil prices, remains at 3.0 per cent for both 2019 and 2020. It stated: ‘‘Growth forecasts for all major regions remain unchanged for 2019. For 2020, a small downward revision is expected for the Euro-zone and Brazil’s forecast was revised up slightly. Euro-zone growth remains at 1.2 per cent for 2019, but was revised down to 1.0 per cent for 2020.”