Connect with us


Nigeria’s crude oil production drops to 1.417mbpd in February – OPEC



The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.417 million barrels per day in February 2022.

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

The report said the figure showed a decrease of 10,000 barrels per day when compared to the 1.427mb/d produced averagely in the month of January 2021.

“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 mb/d in February 2022, higher by 0.44 mb/d Month-on-Month.

“Crude oil output increased mainly in Saudi Arabia and Libya, while production in Nigeria and Equatorial Guinea declined,” the report said.

The report noted that Nigeria’s Gross Domestic Product grew about 4.0 per cent in fourth quarter of 2021, which was the fifth consecutive quarter of economic expansion.

It said this was amid the ongoing recovery from the pandemic effects that dragged down the country’s main economic activities.

The report said: “The annual inflation rate stood at 15.6 per cent in January 2022, almost unchanged from the previous month.

“On a monthly basis, consumer prices were up 1.47 per cent, following a 1.82 per cent increase in the previous month.

“Higher food costs related the geopolitical tensions could further fuel inflation.

“Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index surged to 57.3 in February from 53.7 in the previous month, as the non-oil private sector expanded the most since November 2019.”

It said the increasing oil price might provide ample support for the Nigerian economy but that the disruption to global trade flows and supply shortages could offset this positive impact.

leadership newspaper

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.



Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750