According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil output will fall to an average of 1.417 million barrels per day in February 2022.
This was revealed by OPEC in its Oil Market Report for March 2022, obtained by the News Agency of Nigeria (NAN) on Tuesday in Lagos.
According to the report, the figure represents a decrease of 10,000 barrels per day when compared to the 1.427mb/d produced on average in January 2021.
“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 million barrels per day in February 2022, up 0.44 million barrels per day month on month.”
“Crude oil output increased primarily in Saudi Arabia and Libya, while output in Nigeria and Equatorial Guinea decreased,” according to the report.
According to the report, Nigeria’s GDP increased by about 4.0 percent in the fourth quarter of 2021, marking the fifth consecutive quarter of economic expansion.
It stated that this was in the midst of the ongoing recovery from the pandemic effects that slowed the country’s main economic activities.
According to the report, “the annual inflation rate stood at 15.6% in January 2022, nearly unchanged from the previous month.”
“Consumer prices rose 1.47 percent on a monthly basis, following a 1.82 percent increase the previous month.”
Higher food prices as a result of geopolitical tensions could fuel inflation even further.
“The Purchasing Managers’ Index at Stanbic IBTC Bank Nigeria increased to 57.3 in February from 53.7 the previous month, as the non-oil private sector expanded the most since November 2019.”
It stated that while rising oil prices may provide ample support for the Nigerian economy, disruptions in global trade flows and supply shortages may offset this positive impact.