TheCable

The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria has regained the top spot in Africa, producing an average of 1.27 million barrels per day in November.

OPEC disclosed this in its Oil Market Report for December 2021, according to NAN.

TheCable reported that Nigeria’s production declined sharply to 1.35 million barrels per day by 45,000 barrels per day (bpd) in October from about 1.40 million bpd in September. 

Libya, which clinched the top spot in Africa in October with 1.24 mb/d, declined to 1.21 mb/d in November.

The new OPEC report showed an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in October 2021.

“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,” the report reads.

”Crude oil output increased mainly in Saudi Arabia, Iraq, and Nigeria, while production in Angola, Libya and Congo declined.”

According to the report, the improvement in oil prices still supported the economic recovery but was hindered by the elevated inflationary and labour market pressures.

The inflation rate, the report showed, eased to 15.99 percent in October 2021, from 16.63 percent 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 percent following a 1.15 percent rise in the previous month, it added.

“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 percent in October.”