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Nigeria’s Rig Count Declines By 6, As OPEC’s Reduces By 11

AT a time the oil cartel, the Organisation of Petroleum Exporting Countries, OPEC, embarked on an 800,000 barrels per day production cut for the next six months, with Nigeria contributing about 40,000 barrels, the country’s rig count took a nosedive by 6, as it recorded 28 in November as against 34 recorded in October, latest data from OPEC showed.

Nigeria’s decline figure, which tallies with Kuwait’s, remains the highest among members of OPEC. Kuwait reported 44 in November as against 50 reported in October.

OPEC also showed a rig count decline of 11, having reported 557 in November, as against 568 reported on October, while the world rig count also suffered a decline by five going by its 2,350 figure in November as against 2,355 reported the previous month.

Following Nigeria and Kuwait in the decline curve is Saudi Arabia, which had minus three, having reported 152, as against 155 reported within the period under review, while Venezuela had minus two, having reported 67, as against 69, reported within the period under review.
The United Arab Emirates, UAE, had minus one rig count. The country’s November figure showed 57, as against 58 reported in October. Three members of OPEC, Ecuador, Angola and Iraq, recorded upward figures in their rig count.

Ecuador led the pack with an increase of five, having recorded 13 in November as against eight recorded the previous month.
Angola had an increase of one, as it reported 5 against 4, while Iraq reported 61 against 60 within the period under review. Six members of OPEC had their rig count unchanged.
Algeria, Equatorial Guinea, Gabon, Iran, Libya and Qatar, recorded 46, 1, 4, 61, 9 and 9, respectively. Non-OPEC members recorded an increase of six, as they had 1,793 in November, against 1,787 recorded in October.
The USA had an impressive plus 14 rig count, having reported 1,077 in November as against 1,063 reported the previous month. Canada also had an increase of seven, having reported 199 in November as against 192 reported the previous month.

However, Mexico recorded minus four, having reported 31 as against 35 reported within the period under review. Regional blocks like Latin America and Middle East recorded minus three and one respectively. While Latin America had 77 in November, as against 80 in October, Middle East had 71 as against 72 reported the previous month.

Source: Vanguard

 

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