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Nigeria’s Crude Oil Production Hits 1.451MB/D In September – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has reported that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021.

The oil cartel in its Oil Market Report for October 2021 sourced on Wednesday indicated that the figure represented an increment of 156 barrels per day over  the 1.296 million barrels per day produced in the preceding month.

According to OPEC, Nigeria’s non-oil economic activities grew despite the lingering effects of the current COVID-19 wave.

It would be recalled that Nigeria’s crude oil production for the month of August fell by around 90,000 barrels a day to a five-year low of 1.43 million per day, despite the lifting of output by OPEC for member-countries by 290,000 barrels per day.

Available statistics in the Central Bank of Nigeria’s (CBN’s) balance of payment report showed that the nation’s crude oil exports slumped by a whopping 41.9% year-on-year in the first quarter of 2021.

The OPEC’s September report indicated, in line with modest improvements in Nigeria’s economic indices, that both consumer and business confidence had increased, due to the overall positive sentiments related to the easing of COVID-19 restrictions and rising commodity prices.

 

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