Oil production from the Organisation of Petroleum Exporting Countries (OPEC) rose in July, despite supply shortfalls from Libya, Iran and Saudi Arabia. Rising output from Nigeria, Kuwait and the UAE offset the drops.
OPEC production averaged 32.32 million barrels per day (bpd) in July, 40,700 higher than June, according to the group’s monthly oil market report, based on secondary source figures.
Production from Nigeria, Kuwait and the UAE offset the drops elsewhere. Kuwait ramped up its output by 78,500 to 2.8 million bpd last month, Nigeria by 70,500 to 1.67 million bpd, and the UAE by 69,200 to 2.96 million bpd.
Meanwhile, production fell by 57,000 to 600,000 bpd in Libya, by 53,000 to 10.39 million bpd in Saudi Arabia, with output from Venezuela dropping by 48,000 to 1.28 million bpd, according to OPEC.
As for Saudi Arabia, OPEC’s largest oil producer submitted to the group its own data which showed that output slipped by 200,000 to 10.28 million bpd in July.
In addition, OPEC reduced its projection for global oil demand growth for this year by 20,000 to 1.64 million bpd, while lowering the forecast for the next year by 20,000 to 1.43 million bpd. This was attributed to a weaker-than-expected demand in Latin America and the Middle East during the second quarter of the year.
However, OPEC ran out the prospect that trade spat between the US and China to have much impact on the world’s oil demand, unless the rifts reach beyond the world’s largest two economies.
The group also raised its forecasts for supply from rival producers for the rest of the year, predicting that non-OPEC output would total 59.62 million bpd in 2018, 2.08 million bpd increase from the prior year.
Moreover, demand for OPEC crude is set to reach 32.9 million bpd this year, dropping by 600,000 bpd from the previous year.
Lagos light rail system to commence operation in 2022
The Lagos State Government has announced that its light rail project running between Mile 2 and Marina will commence operation in 2022.
The state government disclosed this after signing a major agreement with French Multinational Rail Transport Company, Alstom SA, about the operation of the state’s rail mass transit.
A statement by the Assistant Director, Corporate Communication, Lagos Metropolitan Area Transport Authority, Kolawole Ojelabi, said consultants picked the date after reviewing the project.
The statement read in part, “The state government had engaged consultants to carry out a technical review and due diligence on the implementation of the project, which substantially had focused on civil works, and reported back to the government that operation of the first phase could only commence in 2022.
“Following the report, Alstom SA France, who has over 100 years of railway experience covering 60 countries, was engaged to review the report of the consultant.
“Alstom SA agreed with the submission of the consultant that the first phase of the rail project could only become operational in 2022 based on proposed funding pattern.”
The mass transit rail project called the ‘‘Blue Line” had suffered many delays due to the paucity of funds and other challenges.