Nigeria’s Crude Oil Production Rises to 1.398 Mbpd
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.398 million barrels per day in January, according to the latest report from the group.
In its Oil Market Report for February 2022, OPEC sees increased production among member countries including Nigeria. The increase comes after the largest country in Africa, and a key member of the oil group has persistently failed to meet quota.
According to the oil market report, there was an increase of 81, 000 barrels per day, when compared to the 1.317 mbpd produced averagely in the month of December 2021.
Total OPEC-13 crude oil production averaged 27.98 mbpd in January, higher by 0.06 mbpd Month on Month. Crude oil output increased mainly in Nigeria, Saudi Arabia, the United Arab Emirates and Kuwait, while production in Venezuela, Libya and Iraq declined,” the report said.
The report said following eight months of decline, recent inflation data suggested that Nigeria’s annual inflation rate edged up to 15.6 per cent year-on-year in December, from 15.4 per cent year on year in November.
It said this was amid a slight acceleration in food prices, linked to the increase in demand during the festive season.
The report said: “On a monthly basis, consumer prices inched up by 1.82 per cent, following a 1.08 per cent increase in November. In 2021, annual price inflation averaged 17.0 per cent, up from 13.2 per cent in 2020.
“Despite the latest uptick in headline inflation, in January, the Central Bank of Nigeria kept its monetary policy rate steady at a six-year low of 11.5 per cent. The decision aims to shore up the country’s recovery from the economic impacts of COVID-19.
“Meanwhile, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index dropped to 53.7 in January, from 56.4 in December, amid the softest improvement in business conditions.”
It said nevertheless, business sentiment remained optimistic amid plans to expand economic operations, especially in the oil sector as the new Dangote Oil Refinery was expected to come online toward the end of 2022. #Nigeria’s Crude Oil Production Rises to 1.398 Mbpd
