Nigeria ranks 7th on OPEC’s oil demand for 2016

15 July 2017, Sweetcrude, Lagos — Nigeria has ranked 7th on the Organisation of Petroleum Exporting Countries, OPEC’s ‘Oil Demand’ list for 2016.

According to data obtained by Sweetcrude Reports from the Group’s Annual Statistics Bulletin for 2017, demand for Nigeria’s oil was pegged at 393.1 million barrels for 2016.

In the 1st position was Saudi Arabia, with 3,209.8billion barrels in 2016.
World oil demand averaged at 95.12m b/d in 2016, up by 1.5 per cent year-on-year, with the largest increases in Asia and Pacific, particularly China and India, Western Europe, North America and Africa, according to the report.

Iran comes in with the 2nd position, clinching 1, 742.2billion barrels of its oil on demand for 2016.

The United Arab Emirates had the 3rd seat, with a total of 799.2million of its oil sold out for the year in review.

Next on the 4th position was Iraq. The country got 757.1million barrels of its crude oil for sale.

While Venezuela had 566.2million barrels, grabbing the 5th stand.

Algeria came in with 399million barrels- 6th position.

In the 7th position was Nigeria with 393.1million barrels.

The 8th seat went to Kuwait whose 349.7million barrels was cleared by the market.

Ecuador got on the 9th position with 247million barrels, while Qatar had the 10th bench with 227million barrels in 2016.

Libya got on the 11th train, selling 207.6million barrels of its crude in 2016, and Angola had the 12th position with 122million barrels in 2016.

Holding the last position, 13th was Gabon with 25.2million barrels in 2016.
In 2016 oil demand in the Middle East remained flat year-on-year, while oil demand declined in Latin America for the second year in a row.

Total Organisation for Economic Co-operation and Development, (OECD) oil demand grew solidly for the second consecutive year in 2016, while oil demand in OPEC Member Countries declined for the first time since 1999, dropping by 0.20m b/d or 2.2 per cent, as compared to 2015, mainly as a result of declining oil demand in Venezuela, Ecuador, Saudi Arabia and IR Iran.

Distillates and gasoline account for around 56 per cent of 2016 total world oil demand and are on increasing trends, according to the report.

Residual fuel oil requirements share in 2016 total oil demand amounts roughly to seven per cent, with requirements marking yearly gains for the first time since 2004.

Gasoline dominates 2016 oil demand growth in Asia and Pacific and North America, while distillates are robust in Western and Eastern Europe. The 2016 OPEC Member Countries’ demand remained robust only in relation to residual fuel and declined for all other main petroleum categories, notably gasoline and distillates.

The total figure of crude oil sold by OPEC members in 2016 was pegged at 9,045.2billion barrels.

Categories: Oil Market

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