Nigeria has reclaimed first place among African crude oil producers, with crude oil production averaging 1.27 million barrels per day in November.
This was revealed in the Organization of the Petroleum Exporting Countries’ December Oil Market Report, which was obtained by InsightnaijaTV on Monday in Lagos.
According to the research, the figure represents an increase of 47,000 barrels per day over the 1.228 million barrels per day produced on average in October 2021.
Libya, which had held the top rank in Africa with 1.24 mb/d in October, dropped to 1.211 mb/d in November.
“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.
“Crude oil output increased mainly in Saudi Arabia, Iraq and Nigeria, while production in Angola, Libya and Congo declined,” the report said.
According to the analysis, the Nigerian economy’s near-term prospects are hampered by rising inflationary and labor market pressures.
According to the research, the rise in oil prices has aided the revival of the economy.
According to the study, the inflation rate fell to 15.99 percent in October 2021 from 16.63 percent in September, marking the lowest rate since December last year, owing mostly to a continued decrease in food prices.
“On a monthly basis, consumer prices increased by 0.98 per cent following a 1.15 per cent rise in the previous month.
“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 per cent in October.”
