Nigeria’s crude oil manufacturing dropped for the second consecutive month to 1.32 million barrels per day in February 2024 from 1.42mbpd within the earlier month.
This was contained within the Group of Petroleum Exporting International locations, OPEC’s latest Month-to-month Oil Market Report, MOMR.
The determine for the month was primarily based on direct communication from Nigeria to OPEC’s authorities.
Nonetheless, primarily based on secondary sources, Nigeria recorded a day by day crude oil manufacturing of 1.47 million barrels for February, representing a rise of 47,000 barrels per day.
Regardless of the drop in crude oil manufacturing for the month, Nigeria nonetheless maintained its place as Africa’s largest oil producer amongst continental members of OPEC.
Nigeria’s closest rival on the continent was Libya, whose oil manufacturing for the month stood at 1.17mbpd, adopted by Algeria, which produced 906,000 barrels day by day, OPEC figures confirmed.
In accordance with world oil costs, Brent crude went up by 3.2 per cent to a median of round $81.72/barrel, whereas the NYMEX WTI futures contract rose by $2.75 to a median of $76.61/barrel.
In the meantime, Nigeria’s estimated day by day crude oil manufacturing goal is 1.78mbpd, whereas OPEC pegged its manufacturing at 1.5 million barrels day by day.
The impact would affect the 2024 implementation of the N28.7 trillion funds and the shortage of liquidity to spice up the Naira within the international change market, which traded at N1603.38 per US greenback on Tuesday.
