OPEC: Nigeria’s crude oil output fell to 1.354 million barrels in March

Organization of Petroleum Exporting Countries

According to OPEC, Nigeria’s crude oil output would fall to an average of 1.354 million barrels per day in March 2022.

This was revealed by OPEC in its Oil Market Report for April 2022, which was received by newsmen in Lagos.

Also read Why Did Nigeria Fail to Meet Its OPEC Quota

According to the OPEC research,

“The amount represents a decline of 24,000 barrels per day when compared to 1.378mb/d produced on average in February 2022”.

“According to sources, total OPEC-13 crude oil output averaged 28.56 million barrels per day in March 2022, up 57 thousand barrels per day month over month.”

“Crude oil output climb mostly in Saudi Arabia, Kuwait, and United Arab Emirates, while production decreased in Libya, Nigeria, and Congo,” it stated.

The report noted that following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021.

It said this economic recovery was most likely to continue over the course of 2022.

With support from improvements in the hydrocarbons sector and energy prices.

“Recent data suggested that annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated”.

“Indeed, higher food costs related to geopolitical tensions could further fuel inflation”.

“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested”

“Indeed it dropped to 54.1 from 57.3 in February”.

“Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive”

“Despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”

Chinaza Ogbachalu

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