-By Gideon Osaka
Nigeria’s current rig count showed an upward move, as the country saw an improvement by two, as it recorded 20 in November as against 18 recorded in October, data from the latest Organisation of Petroleum Exporting Countries, OPEC, report showed
This sort of good news is coming at a time OPEC rig count declined by three, having witnessed 576 in November, as against 578 witnessed the previous month. World rig count showed a significant decline by 73, as its November record showed 2,200, as against October record of 2,273.
Among the 14 OPEC members, Kuwait joined Nigeria in the rig count lead of plus two, as it recorded 48 in November, as against 46 recorded the previous month. Angola, Gabon and Saudi Arabia had plus one each. Angola had three in November, as against two recorded the previous month. Gabon had nine in November, as against 8 in October, while the Kingdom of Saudi Arabia had 107, as against 106 within the period under review. United Arab Emirate (UAE), which recorded minus six, led the loser’s pack among OPEC members, as its November record showed 64, as against its October record of 70. Following closely was Algeria’s minus four, as its November record showed 39, as against its October record of 43. Seven OPEC members had their rig counts unchanged. Congo, Ecuador, Equatorial Guinea, Iran, Iraq, Libya and Venezuela had 2, 7, 1, 157, 77, 16, 25, respectively.
Non-OPEC rig count declined by 70, as it recorded 1,625 in November, as against 1,695 recorded the previous month. The United States had minus 31, as its rig count in November was 811, as against 842 recorded in October. Canada, similarly, experienced a decline of minus eight, having had a rig count of 136 in November, as against 144 recorded the previous month. The United Kingdom experienced its decline by one, as it had 14, as against 15 recorded within the period under review. Other African countries, similarly, had their rig count decline by two, as November record showed 60, against October record of 62. Mexico had plus five, as its record within the period review showed 50, as against 45. Latin America recorded plus 2, having experienced 114 in November, as against 112 recorded in October. Norway and other Middle East countries had their rig count unchanged within the period under review. While Norway had 18, Middle East had 69.
Oil Demand
The OPEC report stated that world oil demand in 2020 is anticipated to increase by 1.08 million barrels daily, mb/d to average 100.88 mb/d, also untouched as compared to last month’s oil market report. In the Organisation for Economic Co-operation and Development, OECD region, oil demand is projected to increase by 0.07 mb/d, with OECD Americas being in positive territory, driven largely by steady light distillate demand. In the non-OECD region, growth is anticipated to be around 1.01 mb/d with Other Aisa regaining its leading position in terms of oil demand growth, followed by China. Higher oil requirements in other regions such as Latin America and the Middle East are also projected in 2020 as compared to the current year.