OPEC

Nigeria Economic Update (Issue 33)

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 […]

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Nigeria Economic Update (Issue 47)

The latest monthly oil market report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC) indicates that Nigeria’s crude oil production increased from 938 thousand barrels per day (tb/d) in September to 1,014 tb/d in October 2022.1 The increase is coming a few weeks after the federal government launched full-blown combat against oil theft in […]

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Nigeria Economic Update (Issue 40)

The Organization of Petroleum Exporting Countries (OPEC), alongside OPEC+, cut crude oil output by two million barrels per day (mb/d) to achieve market stability2. As a result, Nigeria’s oil output quota for November 2022 was reduced by 4.6 percent from 1.826 mb/d in August 2022 to 1.742 mb/d. This measure comes following the downward movement […]

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Nigeria Economic Update (Issue 18)

According to the Organization of Petroleum Exporting Countries (OPEC) May 2022 oil report, Nigeria’s oil production fell in April 2022.1 The report shows that Nigeria produced an average of 1.22 million barrels per day (mb/d) of crude oil in April 2022. This production level is approximately 18,000 barrels per day (b/d) lower than 1.24 mb/d […]

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