Nigeria’s Oil Production Rise in November – Report
Nigeria’s crude oil production hits an average of 1.42 million barrels per day (mbpd) in the month of November 2021 according to the Organisation of Petroleum Exporting Countries.
According to the OPEC oil market report for December, Nigeria regained the top spot among crude oil-producing countries in Africa region in particular.
The new oil production record translates to an increment of 85,000 barrels per day when compared to the 1.335 mbpd produced averagely in the month of October 2021.
However, citing secondary sources, OPEC said Nigeria’s oil production was 47,000 up to 1.275mbpd in the month based on direct communication.
Libya, which clinched the top spot in Africa in October with 1.24 mbpd declined to 1.211 mbpd in November. Total OPEC-13 crude oil production averaged 27.72 mbpd in November 2021, higher by 0.29 mbpd 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 most recently available official data shows that the Organisation of Economic Cooperation and Development (OECD) Europe crude imports from outside the region remained strong in August, averaging 8.7 mbpd.
Imports were 0.2 mbpd or 2.8% higher m-o-m and showed an even stronger increase of 0.9 mbpd, or almost 11%, compared to the same month of 2020.
In terms of the source of imports, Iraq took over the spot of top supplier from outside the region, with a share of 9%. Kazakhstan was in second place with 7%, followed by Nigeria with 6.6% and Libya with 6.5%.
Crude exports outside the region continued to edge higher in August, the third consecutive monthly rise, to average 0.5 mbpd amid higher flows to India and China.
This represents an increase of 136 thousand barrels per day (tbpd), or around 34%. Compared with the same period last year, crude exports rose 216 tbpd or just under 67%.
In terms of destinations, China remained the top buyer of OECD Europe crude exports outside the region in August. India was second, followed by Turkey and South Korea.
As a result, net crude imports averaged around 8.2 mbpd in August, slightly higher than the month before and up from an average of 7.5 mbpd in August 2020.
The near term outlook of Nigeria economy is hindered by the elevated inflationary and labour market pressures, according to OPEC note. The improvement in oil prices still supported the economic recovery.
The inflation rate has eased to 15.99% in October 2021, from 16.63% 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%, following a 1.15% rise in the previous month, the report stated.
Stanbic IBTC Bank Nigeria PMI reflected a solid expansion in business conditions despite the ongoing overall price increase as it rose to a four-month high of 55 in November of 2021, up from 54.1 in October. #Nigeria’s Oil Production Rise in November – Report
