Nigeria's Rig Count Rises By Two, As OPEC Increases By Five

5 November 2019

Nigeria took a two-rig leap as its rig count rose to 17 in September, as against 15 recorded in August. This is coming at a time the Organisation of Petroleum Exporting Countries, OPEC, took a five-rig leap, having recorded 585 in September, as against 580 recorded the previous month, according the latest OPEC monthly oil market report.

World rig count, however, witnessed a shortfall of 63, having recorded 2,299 in the latest count, as against 2,362 recorded the previous month. Among the OPEC members, United Arab Emirate, UAE, had the most impressive rig count, plus four, as it had 67 in September, against 63 recorded in August. This was followed by Gabon, which had eight as against six previously. Ecuador has plus one, having recorded nine in September as against eight recorded in August.

Algeria led the losers pack with minus two, having got 42 in September, as against 44 recorded the previous month. It was followed by Congo, which had minus one, as its rig count for September showed two as against three seen in August. Kuwait also had minus one, as its September rig count witnessed 46, as against 47 recorded in August. Seven OPEC members had their rig count unchanged within the period under review. They include Angola, Equatorial Guinea, Iran, Iraq, Libya, Saudi Arabia and Venezuela, which had four, one, 157, 77, 16, 114 and 25 respectively.

Non OPEC rig count witnessed a reduction by 68, having recorded 1,714 in September, as against 1,782 recorded in August. Other African non OPEC members had plus eight, as their rig count showed 56 in September, as against 48 witnessed the previous month.

The United States had a huge loss of 47 within the period under review, as it recorded 879 in September, against 926 recorded the previous month. Canada also had reduction in its rig count by nine, as its September record showed 132, while the previous month was 141. United Kingdom had a reduction by three, as its record showed 15, as against 18 recorded within the period under review. Latin America witnessed a reduction

Meanwhile, OPEC moves to emerge with its global market outlook this week, oil price has stabilised at an average of $60.00 per barrel. Investigation by Vanguard, yesterday, showed that the price of Nigeria's Bonny Light, the nation's premium oil grade rose from $59.20 recorded the previous day to $60.36 per barrel at the global market.

Similarly, the prices of Brent and OPEC Basket also rose from$61.30 and $60. 50 to $62.62 and $61.24 per barrel respectively. Industry officials said the market situation remained very important as Nigeria had already benchmarked its 2020 budget on $57.00 per barrel.

However, OPEC remained optimistic that its several engagements with producers and consumers would culminate in increased stability, thus attracting value to producers and consumers. In its latest report obtained by Vanguard, OPEC stated: "The 2019 OPEC World Oil Outlook (WOO) will be launched at the Wiener Börse in Vienna, Austria, on Tuesday, 5 November 2019 at 9:30 am (CET).

"OPEC's Secretary General, HE Mohammad Sanusi Barkindo, will present the major findings of the WOO 2019, as well as introduce a video with key messages to support this year's publication. Rainer Seele, CEO of Austrian oil company OMV, will also deliver some brief remarks."

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