Monday, 13 May 2013

Nigeria’s crude oil production drops, earnings fall to $10.1 billion

DIEZIANI-OKNIGERIA’S crude oil production has decreased from the 1.746 barrels per day it recorded in the month of March to 1.734 in April 2013, according to the Organisation of Petroleum Exporting Countries (OPEC).

Also, the Central Bank of Nigeria (CBN), said in its latest report that the country’s crude oil earning in the first quarter of 2013 decreased from $11.6 billion it recorded in the last quarter of 2012 to $10.1 billion.

OPEC in its April monthly report released at the weekend, disclosed that the country’s crude oil production went down by 11.9 bpd in the month of April.

OPEC forecast 2013 demand for its crude will average 29.84 million barrels per day (bpd), up 90,000 bpd from the previous estimate. Both world oil demand and the demand for Opec oil will increase in coming months. The average requirement for Opec’s crude in the second half will be 30.47 million bpd, up from 29.14 million bpd in the current quarter.

OPEC experts said the African economy is continuing to expand quickly. In North Africa, the economy in Tunisia is expected to register a growth of 2.8 per cent this year, compared with 2.5 per cent in 2012, related mainly to a rebound in tourism.

“In Egypt, which is still being held back by political uncertainty, economic growth is expected to reach two per cent in 2013, compared with 1.9 per cent last year.

“Sub-Saharan Africa is achieving higher growth levels currently, fuelled by increasing commodity exports. It will see growth pick up slightly to 4.7 per cent in 2013, after reaching four per cent in 2012. Several of the oil exporting countries in the region (including Angola, Cameroon, Chad, Equatorial Guinea and Ghana) will benefit from rising hydrocarbon output.

“New mining production in several countries will also be a positive factor for manufacturing. After lower production levels in March, which were also held back by China’s Lunar New Year holidays, the expansion should recover. The resurgence in Africa’s fortunes, and the uptick in its vital oil, gas and mining sectors has been linked to factors such as the rapid growth of China and other Asian economies”, it added.

It noted that total Developing Countries (DCs) oil output is expected to average 12.34 mbpd in 2013, representing an increase of 0.20 mbpd and a minor downward revision of 10 tbpd from the last report.
“The supply forecasts from Latin America and the Middle East drove the downward revisions, while Other Asia’s and Africa’s supply projections saw minor upward revisions compared with the last MOMR. The downward revisions came mainly from the first half, while the second half supply projection has been revised slightly up.

Meanwhile, the CBN said that the country’s oil sector accounted for 29.1 per cent of the total $ 34.4 billion Nigeria’s foreign exchange inflow through the economy.

According to the bank, total non-oil export earnings by Nigerian exporters stood at $1,136.33 million at the end of the review period.

“This indicated an increase of 15.1 and 9.3 per cent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively. The development was attributed, largely, to the 66.9 and 70.3 per cent rise in receipts from the industrial sector and manufactured products, respectively.

“A breakdown of the proceeds in the review quarter showed that industrial, manufactured, agricultural, minerals and food products earned $634.2 million, $322.6 million, $89.9 million, $67.9 million and $21.7 million, respectively”, it added.

Source: Guardian

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