Nigeria regains position as top crude oil producer in Africa – OPEC report

image

BY AGENCY REPORT, DECEMBER 13, 2021 | 10:22 PM


Nigeria has regained the top spot among crude oil producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November.

The Organisation of the Petroleum Exporting Countries, OPEC, made this known in its Oil Market Report for December which was obtained by the News Agency of Nigeria on Monday in Lagos.

The report said the figure showed an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in the month of October 2021.

Libya, which clinched the top spot in Africa in October with 1.24 mb/d declined to 1.211 mb/d in November.

“According to secondary sources, total OPEC-13 crude oil production averaged 27.72 mb/d in November 2021, higher by 0.29 mb/d Month on Month.

”Crude oil output increased mainly in Saudi Arabia, Iraq and Nigeria, while production in Angola, Libya and Congo declined,” the report said.

The report said the near term outlook of Nigeria economy was hindered by the elevated inflationary and labour market pressures.

According to the report, the improvement in oil prices still supported the economic recovery.

The inflation rate, the report showed, eased to 15.99 per cent in October 2021, from 16.63 per cent in September marking the lowest rate since last December, largely due to a sustained moderation in food prices.

“On a monthly basis, consumer prices increased by 0.98 per cent following a 1.15 per cent rise in the previous month.

“The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index reflected a solid expansion in business conditions despite the ongoing overall prices increase as it rose to a four-month high of 55 in November, up from 54.1 per cent in October.”

NAN


Appeal for support


Conflict Reporting is dangerous and risky. Our reporters constantly face life-threatening challenges, sometimes surviving ambushes, kidnap attempts and attacks by the whiskers as they travel and go into communities to get authentic and firsthand information. But we dare it every day, nonetheless, in order to keep you informed of the true situation of the victims, the trends in the conflicts and ultimately help in peace building processes. But these come at huge cost to us. We are therefore appealing to you to help our cause by donating to us through any of the following means. You can also donate working tools, which are even more primary to our work. We thank you sincerely as you help our cause.

Alternatively, you can also email us on info@yen.ng or message us
via +234 803 931 7767