Nigeria produced a total of 999,000 barrels per day (bpd) in the month of April 2023, according to the latest monthly oil market report of the Organization of Petroleum Exporting Countries (OPEC). This output, however, indicates a decline of 270,000bpd from the 1.27 million bpd produced in the month of March; it also represents the third successive decline in monthly oil production since February 2023 and the fourth production slump in the five months leading from December 2022. Consequently, Nigeria has once again lost its place as Africa’s highest crude oil producer, falling behind Angola, which produced a total of 1.06 million bpd in the period under review after improving by 91,000bpd from 972,000bpd in March 2023.
June 2, 2023
NIgeria Economic Update(Issue 19)
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Nigeria Economic Update (Issue 40)
Global crude prices settled lower in the review week (September 29 to October 6, 2017). Precisely, a barrel of Brent crude sold for about $56, showing a 6.3 percent decrease. Nigerias Bonny light exchanged at $56.76 per barrel as at October 6, 2017. The draw down in price may be attributable to indications of higher output, as revealed by the addition of more production rigs by the U.S, rise in Iraqs crude exports and survey showing OPECs overall boosted supply.
Nigeria Economic Update (Issue 29)
Global oil price edged upwards in the review week. International crude benchmark, Brent, rose week-on-week by 3.1 percent to $50 per barrel as at July 21, 20173 a level it had not attained since June. The remarkable gains followed demand-side progress earlier statistics from China showed increase in crude imports, indicating prospects of higher demand. This was also complimented by the huge drop in US domestic crude production (Crude reserves fell by 4.7 million barrels). If the trend is sustained, Nigeria could record further rise in its Gross Federally Collected Revenue. Nevertheless, there remains a need for Nigeria to overcome the challenge of harnessing its oil and gas resources by making strategic policy choices andensuring coordination in policy implementation to minimize macroeconomic distortions.