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Nigeria’s Crude Oil Manufacturing drops Ro 1.417mbpd In February – OPEC 

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Nigeria’s crude oil manufacturing drops to 1.417mbpd in February – OPEC 

The Organisation of the Petroleum Exporting Nations (OPEC) says Nigeria’s crude oil manufacturing declined to a median of 1.417 million barrels per day in February 2022.

OPEC made this identified in its Oil Market Report for March 2022, which was obtained by the Information Company of Nigeria ( NAN) on Tuesday in Lagos.

The report mentioned the determine confirmed a lower of 10,000 barrels per day when in comparison with the 1.427mb/d produced averagely within the month of January 2021.

“In keeping with secondary sources, complete OPEC-13 crude oil manufacturing averaged 28.47 mb/d in February 2022, larger by 0.44 mb/d Month-on-Month.

“Crude oil output elevated primarily in Saudi Arabia and Libya, whereas manufacturing in Nigeria and Equatorial Guinea declined,” the report mentioned.

The report famous that Nigeria’s Gross Home Product grew about 4.0 per cent in fourth quarter of 2021, which was the fifth consecutive quarter of financial growth.

It mentioned this was amid the continued restoration from the pandemic results that dragged down the nation’s principal financial actions.

The report mentioned: “The annual inflation fee stood at 15.6 per cent in January 2022, virtually unchanged from the earlier month.

“On a month-to-month foundation, shopper costs have been up 1.47 per cent, following a 1.82 per cent improve within the earlier month.

We’ve correct file of crude manufacturing – DPR
The Organisation of the Petroleum Exporting Nations (OPEC) says Nigeria’s crude oil manufacturing declined to a median of 1.417 million barrels per day in February 2022.

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OPEC made this identified in its Oil Market Report for March 2022, which was obtained by the Information Company of Nigeria ( NAN) on Tuesday in Lagos.

The report mentioned the determine confirmed a lower of 10,000 barrels per day when in comparison with the 1.427mb/d produced averagely within the month of January 2021.

“In keeping with secondary sources, complete OPEC-13 crude oil manufacturing averaged 28.47 mb/d in February 2022, larger by 0.44 mb/d Month-on-Month.

“Crude oil output elevated primarily in Saudi Arabia and Libya, whereas manufacturing in Nigeria and Equatorial Guinea declined,” the report mentioned.

The report famous that Nigeria’s Gross Home Product grew about 4.0 per cent in fourth quarter of 2021, which was the fifth consecutive quarter of financial growth.

It mentioned this was amid the continued restoration from the pandemic results that dragged down the nation’s principal financial actions.

The report mentioned: “The annual inflation fee stood at 15.6 per cent in January 2022, virtually unchanged from the earlier month.

“On a month-to-month foundation, shopper costs have been up 1.47 per cent, following a 1.82 per cent improve within the earlier month.

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“Greater meals prices associated the geopolitical tensions may additional gas inflation.

“Stanbic IBTC Financial institution Nigeria’s Buying Managers’ Index surged to 57.3 in February from 53.7 within the earlier month, because the non-oil non-public sector expanded essentially the most since November 2019.”

It mentioned the growing oil value may present ample help for the Nigerian financial system however that the disruption to world commerce flows and provide shortages may offset this constructive impression.

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Supply:- Vanguard


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1 thought on “Nigeria’s Crude Oil Manufacturing drops Ro 1.417mbpd In February – OPEC 

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