NIGERIAN crude oil has occupied a significant position at the international market, as Bonny Light stood at $116.75 per barrels among its counterparts from Africa.According to Organisation of Petroleum Exporting Countries (OPEC), Bonny Light and Qua Iboe crudes oil moved to 32-months highs, representing the highest since July 2008.In its monthly report released on Wednesday, OPEC attributed the increase to the unrest in Libya. The price of Brent has almost doubled since the start of the unrest in Libya, it said.OPEC disclosed that Brent-related African crudes oil strengthened further in March, rising by around 10.5 per cent each, supported by increased buying from refiners to replace lost Libyan crude.OPEC expected its member countries economy to grow at four per cent in 2011 compared to 3.5 per cent in 2010.OPEC believes that forecast indicates a positive increase of economic activities in member countries.In OPEC April edition of its monthly report, the organisation stated that as the global economy expanded, it expected a steady economic growth for most members in 2011.It stated: OPEC member countries economic performance has been mixed in first quarter of 2011. Considering the continuation of global economic recovery and rising oil prices, most member countries are believed to experience higher economic growth compared to last year.The oil cartel raised its forecast for worldwide oil demand in 2011 to 87.9 million barrels per day from the previous months forecast of 87.8 million bpd.The most important incident is the Japanese earthquake, which is expected to affect oil demand only marginally. Global oil demand is expected to grow by 1.4 million bpd in 2011 compared with 2010. Japans disaster led to a sudden decline in the countrys use of oil as areas of the economy halted and the transportation sector experienced a decline; however, this is likely to be offset later in the year as the country substitutes some of its shut-in nuclear power capacity with crude-burning power generation, the report said.OPEC has cut its global GDP growth forecast for 2011 by 0.1 per cent from its previous forecast to 3.9 per cent, with the world economys growth largely expected to be maintained by emerging countries, like China (nine per cent) and India (8.1 per cent), the report said.The oil cartel predicts that developing countries supply would average 13.09 mbpd in 2011, representing growth of 0.34 mbpd indicating a downward revision of 60 tbpd from the previous report.Africa oil supply is seen to increase by 80 tbpd to average 2.68 mb/d in 2011, indicating a downward revision of 20 tbpd from last month. The downward revision came on the back of adjustments to updated production data from Sudan. The estimated lower output in the first quarter was partially carried over to other quarters.Additionally, the relatively short strike action by oil workers in Gabon halted almost all production on first April.However, it was reported that operators began restarting production after the strike was halted on April 4. In Tunisia, the Hasdrubal field resumed operation after having been disrupted for five months on the back of technical issues at the processing plant. On a quarterly basis, Africa supply is expected to average 2.63 mbpd, 2.65 mbpd, 2.69 mbpd and 2.74 mbp.
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