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 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.
Read Also: Two Crew Members Missing After Cargo Ships Collide In Baltic Sea
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.
Kindly like us on Facebook
Discussion about this post