9 January 2018

Nigeria's Rig Count Rises By One, As Opec's Declines By Four

Nigeria's rig count for the month of November, 2017, increased by one, as the country recorded 29 as against 28 recorded in the month of October of the same year.

This was contained in the latest data of the Organisation of Petroleum Exporting Countries, OPEC.

This is a bit cheery compared to OPEC rig count, which declined by four, as it recorded 548 rigs in November as against 552 rigs recorded in October.

Similar decline was witnessed in the world rig count, which declined by 18 rigs, as 2,139 rigs were recorded in November as against 2,157 rigs recorded in October.

Out of the 14 OPEC members, Kuwait has the highest increase of four as it recorded a rig count of 53 in November, as against 49 in October, while Nigeria, Venezuela and Gabon increased their rig count by one.

Venezuela had 82 rigs in November as against 81 recorded previously, while Gabon had two rigs in November as against one recorded previously.

Saudi Arabia led the losers' table with six rigs, as its rig count decline from 152 in October to 146 in November.

It was followed by Qatar, which lost two rigs , as it recorded six in November as against eight recorded previously.

United Arab Emirates, (UAE), Iraq and Angola lost one each. UAE had a rig count of 53 and 54 in November and October respectively, while Iraq and Angola recorded 51, 52 and two and three respectively within the period under review.

Algeria, Ecuador, Equatorial Guinea, Iran and Libya had zero change in their rig count.

The data also showed that balance of supply and demand in 2018 OPEC crude was also revised down by 0.3 million barrels per day, mb/d from the previous report to stand at 33.2 mb/d, around 0.3 mb/d higher than 2017 level.

Within the quarters, both the first and the fourth quarters were revised down by 0.2 mb/d, while the second and the third quarters were revised down by 0.3 mb/d each.

The first and the second quarters are projected to increase by 0.4 mb/d and 0.1 mb/d versus the same quarter this year, while, the third and the fourth quarters are expected to increase by 0.2 mb/d and 0.7 mb/d compared to the same quarter in 2017.


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