Africa’s oil supply decreased by 10 tb/d y-o-y to average 2.37 mb/d in 2015 and is expected to experience a further decline of about 20 tb/d in 2016 to average 2.34 mb/d, according to OPEC.
This has been revised up by 10 tb/d over last month’s estimation.
Declines are expected from Egypt, Equatorial Guinea, Gabon and the Sudans.
Meanwhile the price of OPEC basket of thirteen crudes stood at $36.27 a barrel on Monday, compared with $36.59 the previous Friday, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
