Nigeria’s crude oil production increased to 1.398mbpd in Jan. – OPEC

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.

OPEC made this known in its Oil Market Report for February 2022, which was obtained by our correspondent on Thursday in Lagos.

The report said the figure showed an increase of 81, 000 barrels per day, when compared to the 1.317mb/d produced averagely in the month of December 2021.

“According to secondary sources, total OPEC-13 crude oil production averaged 27.98 mb/d in January, higher by 0.06 mb/d 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 y-o-y in November.

It said this was amid a slight acceleration in food prices, linked to the increase in demand at 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.