The July 2023 monthly OPEC oil market report indicates a general increase in international crude oil prices. According to the report, the OPEC reference basket, which reflects the average crude oil prices of OPEC member countries, experienced a month-on-month surge of $5.87 (7.8%), reaching an average of $81.06 per barrel. Concurrently, the ICE Brent front-month contract witnessed a substantial increase of $5.18 (6.9%), reaching $80.16 per barrel.
September 4, 2023
Nigeria Economic Update (Issue 33)
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Nigeria Economic Update (Issue 34)
Recent NBS data shows a significant decline in
power generated in 2016Q2. Precisely, power generated declined by 31 percent
(quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to
63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline
vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus,
there were about eight recorded system collapses in the quarter which led to
several days of power outages. However, subsequent quarterly declines in power
generation could be averted if efforts to repair vandalized pipelines and adopt
hydro sources are intensified.