The Organisation of Petroleum Exporting Countries (OPEC),has declared that
Nigeria has regained the top spot in Africa, producing an average of 1.27 million barrels per day last month.
The cartel announced this in its Oil Market Report for December 2021
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.
The report said the improvement in oil prices still supported the economic recovery but was hindered by the elevated inflationary and labour market pressures.
The report showed that the inflation 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.
It added:“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.”
