- As global oil production declines by 0.7%
Nigeria has ranked tops in Africa with $455.820 million in the Organisation of Petroleum Exporting Countries (OPEC) Gross Domestic Product (GDP) figures.
Nigeria’s leadership position in the OPEC GDP ranking is contained in the 2019 edition of the Annual Statistical Bulletin (ASB) of the cartel.
This was even as the country placed second to Saudi Arabia which led the pack among the 13 member -OPEC countries with a $792.967 million GDP figure.
Algeria came next to Nigeria in Africa with $172.551 million GDP figure, followed by Angola;$81.759 million, Gabon;$12.142 million and Congo; $11.576 million
The ASB further disclosed that total world crude oil production declined in 2019 by 0.56 million barrels/day (mb/d), or 0.7 percent, compared to 2018 to average 75.26 mb/d, following a historical high during 2018.
OPEC crude oil production declined sharply year-on-year by 1.86 mb/d, or 6.0 percent, while crude production by non-OPEC countries grew by 1.30 mb/d, or 2.9 percent.
It also listed that the top three crude oil producing countries in 2019 to include the United States (12.23 mb/d), Russia (10.63 mb/d) and Saudi Arabia (9.81 mb/d).
With an average of 99.67 mb/d in 2019, world oil demand grew by 0.9 percent y-o-y, with the largest increases recorded for the Asia and Pacific region (particularly China and India), Africa and the Middle East. Following four consecutive years of growth, OECD oil demand fell slightly in 2019, while oil demand in OPEC member countries returned to growth in 2019 after declining slightly during 2018. Distillates and gasoline accounted for around 55.0 percent of 2019 world oil demand with an upward trend. Residual fuel oil requirements were about 7.0 percent of total oil demand in 2019.
OPEC member countries exported an average of 22.48 mb/d of crude oil in 2019, a sharp decrease of about 1.80 mb/d, or 7.4 percent, compared to 2018.
