FG admits oil demand from US, Europe, Middle East outstrips supply
Oil production in Middle Eastern countries fell by 8.3 mln barrels per day in June, following a peak production cut of 11.2 mbd in May
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Summary
What we need is sustained investment.” According to the minister, one of the clearest indicators of renewed confidence in the sector is the sharp increase in drilling activity. “When we came into office in 2023, active rigs were about 14. Although Nigeria has increased crude production from around one million barrels per day in 2023 to more than 1.8 million barrels daily, including condensates, government officials and industry executives said current output remains insufficient to maximise periods of elevated global demand. Decline in oil output in Middle East amounts to 8.3 mbd in June — US Department of Energy.
Furthermore, Despite the projected rise in oil production and exports from the Middle East in the coming months, it will take time to replenish significantly depleted global oil stocks and fully restore production in the region, the report said.
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What we need is sustained investment.” According to the minister, one of the clearest indicators of renewed confidence in the sector is the sharp increase in drilling activity. “When we came into office in 2023, active rigs were about 14.
according to BusinessDay NGAlthough Nigeria has increased crude production from around one million barrels per day in 2023 to more than 1.8 million barrels daily, including condensates, government officials and industry executives said current output remains insufficient to maximise periods of elevated global demand.
according to BusinessDay NGDecline in oil output in Middle East amounts to 8.3 mbd in June — US Department of Energy.
according to TASSDespite the projected rise in oil production and exports from the Middle East in the coming months, it will take time to replenish significantly depleted global oil stocks and fully restore production in the region, the report said.
according to TASS
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