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Nigeria regains top crude oil production spot in Africa – OPEC report

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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 our correspondent 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.”

Solomon Asowata

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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