*** As Nigeria leads Africa
By Olakunle Oke
Saudi Arabia, Iraq and Iran have consolidated their positions as the Organisation of Petroleum Countries, OPEC, top oil producers with 9.526 million barrels per day, bpd, 3.902 million bpd and 3.245 million bpd, respectively.
This was even as Nigeria retains its position as the highest African oil producing nation with 1.559 million bpd in July 2025, according to OPEC.
The organization disclosed this in its latest August 2025 Oil Market Monthly Report, MOMR, released on Tuesday.
According to OPEC, Equatorial Guinea remains the least oil producing country in OPEC with 53,000 bpd output.
OPEC said its data were based on information obtained from secondary sources, adding that OPEC and allies, produced an average of 41.94 mb/d in July 2025, which is 335 tb/d higher, month-on-month, m-o-m.
However, on global oil supply, OPEC, stated: “Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.8 mb/d, y-o-y, in 2025, unchanged from last month’s assessment.
“The main growth drivers are expected to be the US, Brazil, Canada and Argentina. The non-DoC liquids production growth forecast for 2026 is revised down slightly by 0.1 mb/d to average 0.6 mb/d, y-o-y, with Brazil, the US, Canada and Argentina as the main growth drivers. Meanwhile, natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, averaging 8.7 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.8 mb/d.
“Crude oil production by countries participating in the DoC increased by 335 tb/d in July, m-o-m, to average about 41.94 mb/d, according to available secondary sources.”
On global, it also noted, “The global oil demand growth forecast for 2025 remains at 1.3 mb/d, y-o-y, unchanged from last month’s assessment. Some minor adjustments were made, mainly due to actual data received for 1Q25 and 2Q25. In the OECD, oil demand is forecast to grow by about 0.1 mb/d in 2025, while non-OECD oil demand is forecast to grow by 1.2 mb/d in 2025.
“In 2026, global oil demand is forecast to grow by 1.4 mb/d, y-o-y, revised up by 0.1 mb/d from last month’s assessment, on the back of supportive economic activities. The OECD is projected to grow by about 0.2 mb/d, y-o-y, while the non-OECD is expected to expand by 1.2 mb/d, y-o-y.”
