The Organisation of Petroleum Exporting Countries (OPEC) has published its Monthly Oil Market Report for December 2020. This is the last report to be published in 2020 with the next one to come on Tuesday, 14th January, 2021.
The report covers the Oil Market Highlights which includes Crude Oil price Movements, World Economy, World Oil Demand, World Oil Supply, Product Markets and Refining Operations, Tanker Market, Crude and Refined Products Trade, Commercial Stock Movements and Balance of Supply and Demand.
The report states that according to secondary sources, total OPEC-13 crude oil production averaged 25.11 mb/d in November 2020, up by 0.71 mb/d m-o-m. Crude oil output increased mainly in Libya and UAE, while production decreased primarily in Iraq.
A table showing OPEC crude oil production from 2018 to November 2020
On oil in Nigeria, the report read: “The oil sector fell by 13.9% y-o-y compared with a 6.6% decline in 2Q20, while non-oil economic activities declined by 2.5% y-o-y. This is a slight recovery from the 6.1% y-o-y decline seen in 2Q20. The GDP grew 12.1% on a quarterly basis – the highest quarterly growth seen since 2Q10 and a sharp recovery from the 5% contraction seen in 2Q20.”
To read the full report click here
/strong%20has%20published%20its%20Monthly%20Oil%20Market%20Report%20for%20December%202020.%20This%20is%20the%20last%20report%20to%20be%20published%20in%202020%20with%20the%20next%20one%20to%20come%20on%20Tuesday,%2014th%20January,%202021.The%20report%20covers%20the%20Oil%20Market%20Highlights%20which%20includes%20Crude%20Oil%20price%20Movements,%20World%20Economy,%20World%20Oil%20Demand,%20World%20Oil%20Supply,%20Product%20Markets%20and%20Refining%20Operations,%20Tanker%20Market,%20Crude%20and%20Refined%20Products%20Trade,%20Commercial%20Stock%20Movements%20and%20Balance%20of%20Supply%20and%20Demand.The%20report%20states%20that%20according%20to%20secondary%20sources,%20total%20OPEC-13%20crude%20oil%20production%20averaged%2025.11%20mb/d%20in%20November%202020,%20up%20by%200.71%20mb/d%20m-o-m.%20Crude%20oil%20output%20increased%20mainly%20in%20Libya%20and%20UAE,%20while%20production%20decreased%20primarily%20in%20Iraq.a%20href=https://ibekachikwu.com/wp-content/uploads/2020/12/Picture-1.pngimg%20class=wp-image-3366%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2020/12/Picture-1-300x149.png%20alt=%20width=531%20height=264%20//ah6emA%20table%20showing%20OPEC%20crude%20oil%20production%20from%202018%20to%20November%202020/em/h6On%20oil%20in%20strongNigeria/strong,%20the%20report%20read:%20em“The%20oil%20sector%20fell%20by%2013.9%%20y-o-y%20compared%20with%20a%206.6%%20decline%20in%202Q20,%20while%20non-oil%20economic%20activities%20declined%20by%202.5%%20y-o-y.%20This%20is%20a%20slight%20recovery%20from%20the%206.1%%20y-o-y%20decline%20seen%20in%202Q20.%20The%20GDP%20grew%2012.1%%20on%20a%20quarterly%20basis%20–%20the%20highest%20quarterly%20growth%20seen%20since%202Q10%20and%20a%20sharp%20recovery%20from%20the%205%%20contraction%20seen%20in%202Q20.”/emTo%20read%20the%20full%20report%20click%20a%20href=https://momr.opec.org/pdf-download/here/a){kind=link}