The monthly report by the Organisation of Petroleum Exporting Countries (OPEC) on the global movement in oil prices revealed that crude oil prices increased in April 2023. Specifically, the OPEC Reference Basket (ORB) increased, on average, from $78.45/Barrel in March 2023 to $84.13/Barrel in April 2023. This represents an increase of about 7.2 percent.
May 18, 2023
Nigeria Economic Update (Issue 18)
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Nigeria Economic Update (Issue 32)
Available data from the National Bureau of Statistics indicates a decline in oil and other petroleum production between 2015 and 2016. Crude oil production fell by 16 percent, from 777.5 million barrels in 2015 to 656.8 million barrels in 2016. This is also indicative of the number of exploratory rig count that fell from 15 rigs to 8 rigs in 2016. Similarly, Gas production declined by 10 percent to 2,711 million one thousand standard cubic feet (mscf) in 2016. The significant decline in crude oil and petroleum production, brings to perspective the extent of the damage caused on production pipelines by militants in the Niger Delta region in 2016. It is therefore important to invest national resources in maintaining domestic peace and security, especially in resource-rich regions of the country.