Olusola Bello

Nigeria’s performance in oil production in the month of November was still abysmally low when compared to her production capacity of over 2.3 million barrels per day.

According to OPEC‘s Oil Market Report for December, it puts the country’s average production level at 1.27 million per day which is a far cry from her installed capacity.

In spite of this abysmal performance, it still ranked top at the production ladder as far as Africa is concerned.

The report said the figure showed an increment of 47,000 barrels per day when compared to the 1.228 mb/d produced averagely in the month of October 2021.

Libya, which clinched the top spot in Africa in October with 1.24 mb/d declined 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.

It was only in Saudi Arabia, Iraq and Nigeria where crude oil production was experienced while declines were experienced in other places like
in Angola, Libya and Congo according to the report.

The report said the near term outlook of Nigeria economy was hindered by the elevated inflationary and labour market
pressures.

According to the report, the improvement in oil prices still supported the economic recovery.

The inflation rate, the report showed,  eased to 15.99 percent in October 2021, from 16.63 percent in September marking the lowest rate since last December, largely
due to a sustained moderation in food prices.

“On a monthly basis, consumer prices increased by 0.98 percent
following a 1.15 percent 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 percent in October.