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

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.

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.”